One of the biggest reasons is that at the closing table usually all parties will be present which means everyone will be on the same page with what's happening.Compare that to most double closings, where the investor/wholesaler usually tries to keep the owner in the dark as to the subsequent closing and real source of funds.

Subsequently, the mortgagee would likely foreclose on the HOA and send it to Sheriff's sale.

You could do DIY for SUBSEQUENCE Land Trust/LLC but you MUST know what you are doing.

But I think the last bubble and the subsequent crash is the 100-year flood kind of scenario that is highly unlikely to happen again in our lifetime.

Questionable how long after the event and/or if required to subsequent buyer.Also (believe) it must be disclosed to a tenant.

Subsequently we have not purchased it because it's guessing game whether you will need it or not.

This includes the Badlands, Devil’s Tower, Medicine Wheel and Bighorn National Forest, Mt Rushmore, Deadwood, Yellowstone, Grand Tetons, Craters of the Moon, Petrified Forest, Taos/Santa Fe/Albuquerque, Sedona, Utah and Colorado, White Sands, and Roswell. 2018: Our goal is to return to South Africa by end of year and participate in the Living With Orphaned Rhinos volunteer program.

Plus there are WAY   more investors than there was in the 80 s and 90s  I mean its a huge section of real estate. if there were no investors the rust belt cities and other really old mid west areas that got so depressed would have really cratered.. but folks are chasing cash flow .. and only cash flow they are not looking at the other things that sustain value in real estate.. and for whatever reason they all now thing cash flow is the only smart play and anyone who invests for appreciation is a bozo and a gambler.. which I don't get.  

Both myslelf and my partners, Ben & Kevin feel that this will provide us a good foundation to start subsequent funds based on a solid track record and the efficiencies we developed while operating Fund I. 

I was told that usually Private Money is not available for land acquisition for subsequent development.