Technically, when raising funds under Regulation D or any other SEC exemption, there’s no strict requirement to utilize a Private Placement Memorandum (PPM).

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

How messed up the other utilities are, how much has to get torn up and infrastructure done before any rebuilding can take place. 

Implementing water-saving initiatives is a smart way to reduce utility costs.

So it takes comprehensive knowledge of the market trends, zoning laws, the local municipalities approval process, survey cost, subsoil conditions, irrigation requirements, development cost, utilities (gas, power and internet), city water or well water, city sewer or POSW to name just a few...A builder developed the farm field next to our SD, bought it for $1.5M and wanted to build 25 homes as a conservancy subdivision.

Just because the costs might be in the furture does not warrant not budgeting for those known expensesThen there is the misc costs of asset protection, bookkeeping, unexpected utilities (such as between tenants (tenant turn over) or failure not attributable to the tenant such as slab leak).  

If you have high holding costs (financing, taxes, insurance, utilities, etc.) the longer you are holding the less money that you are makingSelling profitably - How long will it take to sell?

Very common for most of today's gurus to utilize these types of subterranean creatures. 

Originally posted by @Kelly Watkins:Residential developers in Wichita pass the cost of the neighborhood utilities (sewers, streets etc..) onto the buyer.

The important things to consider about HOA fees is that they usually include some utilities: Water/Sewer, Trash, sometimes shared amenities like gym, clubhouse, pool, and they are saving you the time and headache for property maintenance: lawn care, tree timing, roof, siding, etc.