As with most PUDs, the developer handed things over to a management company who immediately started a $400/month assessment once the final unit in the development was sold. 

The market has plenty of older properties that need renovation, a favorable refi environment, and is generally landlord friendly.That said, it's not all upside Cleveland has slower appreciation, harsh winters, and older homes that often require significant repairs.I sold over 50 value add deals last year and I can say that if you have even a "good" GC crew (doesn't have to superstars) you can raise and repeat this process all throughout the Westside and parts of East.

It is deferred until sold, via invisible basis reduction. 

. ;-) The following is just general informationIt sounds as though the seller has an investment to sell, not his private home.

Agree Google nmls - funny on Facebook where 99% of private lending groups that are public are scam artists you get the "well license isn't required"I reply to this noting that while you are correct in some states - chances of a scammer with a nmls license are less than 1% while those without is 99% on sociale media 

Sold and made profit Lessons learned?

I'd consider real estate debt funds and private lending but that's not on my immediate radar right now. 

However, building relationships with private money lenders can help you scale your business quicker depending on how many investments you want to do this year.

Typically, this means about one house per year, but we went almost an entire year between flips from mid-'23 (sold one) to mid-24 (bought next).I no longer have any "full time flipper" friends. 

The units are all sold so the owners make up the HOA, but without a board the only person calling meetings right now is the Management company.