I used RS Means 2015 price guide (inflation adjusted to 2018 numbers) for remove and replace costs and then divided them into the expected life cycle of household components using a 2007 NAHB study.All in all, I wanted to see what you guys think.

I would expect getting a good return with leverage (over the entire lifecycle of the investment) to be a more difficult task, simply because of the risks involved.

All communities experience change and flux at all stages in their life cycles.

It's the life cycle of a property but it's never "pay no taxes" doing it. 

I'm interested in learning about the lifecycle of the typical Home Owner's Association, from beginning to end.

Similar to how a child’s sponsor receives regular updates about their life from afar, these key communications help keep you in the loop throughout the lifecycle of your real estate syndication investment. 

Now, not to say equity growth isn't a significant part of the overall return, but if you are playing in the value-add space and graph where cumulative returns are happening in life-cycle of the deal, you quickly realize it makes the most sense to sell as close to stabilization as possible, as you have hit the point of diminishing returns on the yield curve.Capitalize and reinvest in the next deal.  

What a cool illustration that is of the life-cycle of real estate investing and the ethos we can do it with!

It's not that hard to wander into a prohibited transaction and blow up the account.I'm of the opinion that it's generally more beneficial from a tax perspective to hold real estate outside of retirement accounts when we consider the long-term lifecycle and potential tax mitigation strategies. 

Really depends on your objectives, again start with the end in mine and work backwards as most comments here too say same then scale via rinse repeat approach. watch the tax implications, depreciation in the lifecycle of the investment.