A rising rate environment might cause me to assume that the exit value will be lower than recent comps, or after factoring in the totality of the circumstances, level with recent comps. 

I also suggest you get a written authorization to enter the property to inspect it, under the circumstances this letter should be notarized so that any cop won't have as many questions.It could be a flip with cleaning and lipstick, but not likely at what you think market is or what it was listed for because it didn't sell, obviously it was not priced to sell.You can't know until you see it and verify the mortgage payoff.

Texas also has a charging order as the exclusive remedy against a members interest and expressly limits piercing of the veil to much more restricted circumstances (actual fraud is the big one that allows piercing). 

But in my eyes, it reinforces the social circumstances that are driving this urban reintigration.

Often, they will waive any sort of permit penalties if they understand the circumstances behind your situation.

I would be reluctant to accept a quit claim deed under any circumstances, and especially if the seller wanted to do it without any title work.  

Your best bet is probably investing it across several REITs (so you are diversified) and can still have exposure to real estate.Under no circumstance should you pay 18K to "become" a sophisticated investor (especially if you're only looking to invest 10K).

However, if they did wind up launching foreclosure, I would probably be the first homeowner in the history of this HOA to wind up in that unfortunate circumstance. 

@Isaac Frost Being in similar circumstances, albeit a different price bracket, I think it sounds like you are taking care of all the parties' interests with this split. 

They would be able to provide insight to cover hiccups and the unforeseen, having navigated through it before without missing a beat!