For the others contributing to this discussion the primary industry in this area is Oil and Gas and because of that our market is often dictated by the price of oil.

You will find that the path is not linear though and that the market will dictate disposition timing and true returns more than the property plan and proforma.Many sponsors are also not as conservative with their assumptions as they think they are, especially in the later years.I'd recommend considering other asset classes in addition to multifamily. 

Each state will have their own regulations that dictate the Max LTV you can have on a HELOC and Cash Out. 

Letting people dictate my timeTenant will get X done by Y time.....delay.....delay.....delay.....why am I waiting?

Your pick there will dictate what asset you’re looking for almost as much as other “goal factors”.

You are letting the tenant dictate the terms they will honor you with their tenancy.

If so, the auction terms will likely dictate the seller pays these off at closing, this is the norm.

Your contract language will dictate, but if a release was signed it usually cancels the contract.

Your exit strategy will dictate what's the best course of action.

In fact, a good HOA can actually assist in securing your investment.I know the drawbacks are that they can dictate the outside, but as long as the rent and ROI is good, who cares?