My biggest concern is that it will distract me from my personal investments. 

If you buy a home for $40k and put in $10k worth of upgrades, can you get $500 in rent per month?

How much will you have to put in to complete your expected upgrades?

At the point the last unit of the entire development is sold, the whole shebang is turned over to the residents and they are put in charge.If I haven't stopped you, then the next thing you need to do...get a copy of the Declarations and Bylaws. 

Of course I put in more offers then I can count but always got beat out.

But it is 100% possible to find but you have to put in the time or at least know someone that ALREADY has the connection.

And yes, if you're offering less than the standard commission that will be a factor.The most common comments I've gotten from investors and homebuyers looking at obvious flips who loved the house but did not put in an offer (aside from price) is that the home is way too nice for the neighborhood or that the flip is otherwise uneven.

When you have a buyer set and ready to buy the house, you need to make sure that they put in a non-refundable earnest deposit.

This is when you put in more energy now than ever.

Either you pay generally for a mediocre to crappy list or you put in the work to create your own database.It is a bunch of work and follow up but on large deals it can be worthwhile.