Frankly, no matter how well you do safety, dumb guests will find some way to hurt themselves so insurance is a top priority.

So the total estimated profit is $210,000 in 3 years.

There's something called the step doctrine. 

They call them the front end ratio and back end ratio.

I'm calling my local office tomorrow to find out.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

(Could be more than just two) So just be aware, you can use the sec 8 income to help with qualifying for a DSCR loan but you could very well end up with a higher rate.  

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

So no leasing agent, no maintenance. 

The contributions are lower so it takes a while to build, but once you do, it's tax-free investing.