I was working with a local credit union who pulled out at the last minute.

I have already spent quite a bit on attorney's fees myself. 

(Granted, I am not factoring in various fees that may be saved by financing at acquisition).

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

I'm frustrated and pulling the plug if I don't get an answer ASAP.

What we do is bundle it into an application fee.

WE dont pay a fee for the credit line as I mentioned just 1/2 point for each new loan..

I alsodidn't see any mention of HOA fees/dues and or rules.

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

Second, as sponsor you want a 1 - 2% annualized return asset management fee AND 20% of the profits after the investors get their money back.