I've not covered everything but just given you a start. 

It's been covered extensively. 

HOA is currently $172/month, with and additional $44 for club fees, covering club amenities, including a gym, boat lift, a restaurant etc. 

Often the hard money lenders that appear to offer the best leverage actually require more cash when looking at the entire picture.

They cover the counties with online access to public records (over 2200 counties). 

How will the partnership cash flow cover the HELOC payments if interest rates increase?

Covering this with my salary is relatively comfortable.  

Based on speaking with them their, I paid a rather hefty fee to transfer my solo 401K to them and have it reinstated and the fee covered this plan for 6 years. 

I am based out of the Santa Rosa Century 21 Office but I cover all of Sonoma County and beyond.My very first purchase was a Duplex where I lived in one unit and rented out the other for rental income.

While real estate values do rise over time, if you can't cover your bills during the downturns to get you into better times to sell, you are likely to lose money.