I am a new investor who is looking at a possible development deal, something I have never done before.

@Matthew Pease most credibile and big flippers have their stuff and quality together (whether they are permitted or not I would argue that few go through and get the proper permits). 

One of these was opened my an RE attorney (the LLC filed as an S Corp) in Dallas I grew up with and he is the one that pointed me to all the obligatory information needed to file and sustain a proper asset protecting entity.I was just giving him my opinion and experiences.

You can run your numbers.....look at particular condo developments, look at the seasonal rates on realtor.com/trulia or wherever then look at purchase prices on realtor.com/trulia, etc and run your numbers.

Having the proper systems in place to track and follow up with leads is also important.

I think each one should have their own LLC partnering into an LLC for these type of endeavors.You need to read these threads:https://www.biggerpockets.com/renewsblog/effectively-conduct-joint-venture-agreements-as-a-real-estate-investor/https://www.biggerpockets.com/forums/48/topics/596231-how-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591376-create-an-llc-for-first-partnership-best-way-to-do-sohttps://www.biggerpockets.com/forums/51/topics/526244-taking-on-partner-s-and-limiting-our-liabilites- one base idea of asset protection (and LLC) is to separate your personal affairs from the real estate investing.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

My Grandfather was a entrepreneur with fingers in  building/developing/property management/patent trolling/window and door manufacturing...  

Make sure you carry proper insurance if it is being run as a group home.

They ended up doing a prehab on it so i could get the proper financing in place.