Also recognize that if there are more defaults in the association, again your buyer pool will be very low as investors typically do not like condos and most owner occupied borrowers do not have cash.IF I was buying that many units I would also have a third party engineering study done or ask the HOA when the last one was done.

At first I had a hard time trusting -- the prices it set for high-demand periods seemed impossibly high, and the prices for low demand shoulder seasons seemed way too low. 

The reality is the assessments are correct, but when you do the math based on the tax rate (which in most locales has also gone up) our property taxes on our properties is up an average of over 10%…I know some will say “fight the assessments” but honestly I think some of them may be low (and truth be told I would guess less than 5% if people contest assessments).I am curious, have others started to receive their assessments - and were you in sticker shock?

Yes, equity is calculated based on their proportionate investment of the LP equity.IRR and other metric calculations are generally calculated based on the LP level.

High level info below.....- Purchased 1st investment property (3/1 SFH) with section 8 tenant that had been there for 1 year paying $555/mth rent in Dec 2021.

We have a property in Chicago, Portage Park area that we are interested in rezoning and developing into a multi-use property with 3 commercial stores on ground level and 9 residential above.  

(low prices, not oversaturated, consistent year round demand)  I have been researching the market for STRS myself, currently I just own LTRS in Memphis. 

Development and managing a site is much different than building. if you aren't experienced I'd find an experienced zoning attorney or land planner or civil engineering firm. 16 units for 3 acres is pretty low density, extremely low density. have you looked at future overlays for the project to see how many units you could get?

Are the home prices so low that investors can afford multiple properties at a time?

Normally, inventory levels begin to contract in Sept/Oct.