The HOA basically kills it. 180/mo/unit, so you are looking at $21,600/year.

The insurance quote at 5% wind/storm peril basically meant a new roof would be out of pocket for me.2.

In fact, Flagstaff is affectionately called “poverty with a view” because it’s expensive and super pretty but the main industries are basically just NAU and tourism.

But basically with a construction loan you will need to have considerable cash involved - most costs need to be paid for and then the bank will reimburse at certain checkpoints.You may want to start with some smaller value adds inside the existing house to maximize rent from the house hack. 

You also seem to have based your view of syndications on a sample size of 2 good outliers and based your disdain for direct ownership on a sample size of 2 bad outliers, and when someone brought that up, you basically said that you don't mind losing money as long as you spent no time losing it.The type of person that can lose 50k and be mad "for two days" and thinks that productivity has been lost if he spends a few little hours looking over a deal that could ultimately make more money than many people make in a year is a person that most cannot relate to.

Basically wanting to pay two years of Real Estate taxes in 2025 and deduct on 2025 Return when filed in 2026.

if the OTA has issue with you and bans you (there are some crazy horror stories that alone would deter me from listing on a single OTA), you are basically starting over.  

Brian B does a little investigation to find out that this GP had basically zero experience in the space yet took down a 50 mil dollar apartment in Houston ( not sure how they talked lenders into that one) but there is 10 mil in investor money that got wiped out as Brian showed this investor that the property went to foreclosure and reverted to the bank ( no one bid it).

I am looking for the basics.  

It's basically a sanity check.