Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

Forced hot air/natural gas. 

Then once the 1-3 years are up, I purchase the property outright and hopefully forced some equity into the property along with natural market appreciation so that I don't have to come up with too much for a down payment on the mortgage. 

You also need to be aware that custodians are passive in nature and simply process transactions at your direction.

Did the HOA follow proper procedures when enacting the cap?

I would spend your time learning how to manage, developing policies and procedures for managing and handling problems, and preparing for the growth to come.

Then there's Acadia National Park - not to mention the general scenic nature of the coastline. 

Naturally, with my first goal, you would think this would be all poured into acquiring additional properties and while I am not opposed to that, we are expecting a baby in January so maybe the short term course of action is to find good partnerships where our capital can be leveraged in someone else's model for the time being.Our Problem - We do not have many/if any like minded people in our social circle that we feel comfortable lending capital. 

You should find a local lender or mortgage broker in your area that you can trust and start learning about the procedures and requirements for this sort of loan. 

Due to the nature of our professions, we will very likely be back sometime in the future, and the way houses tend to appreciate in this area, it seems like a mistake to sell.