Like Albert Einstein said, "compound interest is the greatest mathematical discovery of all time."

However, you will present them with option 2, in which they will carry the note for 30yrs, at 6% compound interest, with no down payment, the number will look like this:You will pay them $599.55/month for 30 yrs.

Compounding this is the fact that maintenance costs don't get cheaper with lower-income property.

A second vote for annualized ROI, although I use a non-compounding approach.

Sell of the other Memberships as needed/wanted.This also means potentially have access to $45k chunks of money as needed in the future...or,Just sell the whole thing once developed for a $140k profit and "compound" the future cash flow by compounding you current cash flow position....I guess that's option #3.

What compounds things even further is that condos have HOA fees which can run another several hundred dollars per month (they're also not deductible).

I looked to see what the appreciation was over the almost 50 years and it comes out to about 9.5% compounded! 

What are you carrying for simple things that are required, like insulation, sheetrock, tape and compound?

It took choices and is a symptom of years of compounding choices made.  

I continuously run a CAGR (compound annual growth rate calc) including appreciation (my estimates, some validated by refi cash out appraisals). 8.