Are you thinking about how you will manage, rehab, repair and monitor your out of state acquisitions? 

This is more flexible but also adds more complexity since the value of the shares will fluctuate over time and that needs to be monitored and calculated every time an investor joins or leaves the fund. 

Besides monitoring the owner/rental ratio, some HOAs have bylaws that disallows an owner from renting one's unit.BTW, just to build on Rich's point, a friend received a special assessment for an extra $15+K (with the other owners in his subdivision who were current on their dues) a few months ago to cover the back dues from several of the other underwater owners.

In 506(B), the LPs do not need to be accredited but there must be a preexisting relationship between the GPs and the LPs.

Somehow my check on the "monitor topic" got unchecked so I didn't get updates.

Mark,Monitor price changes, days on market, etc... 

I know there's a lot of people that will be monitoring this thread, in fact, I had two messages just this morning on new construction, so I'll message them the link! 

Here are a few for the list that come to mind:-Failure to check that Broker’s representation of nature and condition of collateral is correct;-Failure to catch that Borrower is substantially overpaying for property;-Failure to verify that Borrower statement of business purpose of loan is inaccurate (loan in reality is for personal, household or family purposes) making loan subject to consumer protection laws and disclosure;-Failure to verify that insurance is sufficient and the type of policy that covers lender as insured for loss; or policy lapses after funding and servicer does not catch it;-Failure to verify that broker or arranger is properly licensed such that lender exemption from usury is invalidated;-Failure to monitor and require borrower to keep property taxes current;-Title company e-mail gets “hacked” and you wire funds based on fraudulent e-mail-Not understanding the limitations on your options and problems that come up with "fractional" (multi-lender) loans when they go into default-And here is one for the books that actually happened:: arranger comes into possession of notary stamp and commits identity theft by convincing lender, brokers, escrow and title that she is the person who’s identity has been stolen.

Have some type of GPS tracking device, OTHER THAN YOUR PHONE!!

You get a GPS path for all of your trips, and the start and end times and addresses for every trip (I hate the apps that just give you a city like MileIQ).If you drive a lot, get the Mileage Ace and stop wasting time with apps.