We are drafting a road maintenance agreement, and I had a question about funds for the project.

You could also 1031 into a larger turnkey property that does not require any maintenance and turn over management to a property management company.

If the HoA is lower, you can bet there will be deferred maintenance and you'll pay for it sooner or later...

Single family home with good maintenance will always be the preferred place for people to live.  

Then start doing routine follow up so they know your serious.  

Buy a property and just ensure you have all your margins worked out for taxes, insurance, maintenance, vacancies, utilities when empty, etc.

Rent: $6,175 (from all 5 houses combined)Expenses: $2,906.31 (Property taxes, property insurance, umbrella insurance, vacancy (8.33%), and maintenance (16.66%))Profit: $3,268.69 So... here are what the numbers are after the refinance. 

Besides that, appraisers typically use a condition code, C1 being new construction, C2 being very updated with little to no deferred maintenance or physical depreciation, and so on.

Don't hesitate to define your occupancy, parking, utility and maintenance rules in writing.

Since you are paying above market, you don’t want to get stuck with a bunch of deferred maintenance so have to hold the seller to providing the property in rent-ready condition.