If you are confident that this developer can complete the project on time and budget, while also delivering a product (condos) that consumers in this market want, then your big two risks are handled.Now specifically on this deal: Based on the little info you mentioned, these are about $1.5mm condos.  

I may be able to help you with specifics.

A Real estate-informed tax outfit or CPA who can file my taxes for me - using Texas-specific Real Estate rules, to minimize my tax burdenThanks again,John

I was thinking of it similarly, but without the specific calculations to go off, so that's really helpful.Your #'s are surprisingly accurate - $9k/yr principle paydown and with pool maintenance (I thought I should pay this too, so thank you for confirming), the cash flow isn't great. 

It'll be necessary to talk to professionals familiar with YOUR specific tax situation in order to address the pros and cons of using an S-Corp.

I am not advocating you go out and buy because I don't know your specific financial situation in detail.

Know who are you targeting, what's nearby that will draw these people to your rental specifically.

The more specific you can be about the problem you are trying to solve, the better response you will get.

 16 terms you need to know in commercial real estate:1.Internal Rate of Return (IRR): A metric used to estimate the annualized return on an investment based on the timing and magnitude of cash flows.2.Cash-on-Cash Return: The annual income generated by a property expressed as a percentage of the initial cash investment.3.Discount Rate: The rate used to discount future cash flows to their present value in financial models; often represents the required rate of return.4.Capital Expenditures (CapEx): The funds set aside for property improvements, renovations, or major repairs.5.Gross Operating Income (GOI): The total income generated by a property before subtracting operating expenses.6.Operating Expenses: The costs associated with managing and maintaining a property, including utilities, taxes, insurance, and maintenance.7.Debt Service Coverage Ratio (DSCR): A measure of a property’s ability to cover its debt payments, typically calculated as NOI divided by debt service.8.Loan-to-Value (LTV) Ratio: The ratio of the loan amount to the property’s appraised value, used to assess risk in financing.9.Equity Multiple: A measure of the total return on an investment, calculated as the ratio of total cash flows to initial equity investment.10.Residual Land Value: The estimated value of land after deducting development costs and desired profit margins.11.Sensitivity Analysis: A technique used to assess how changes in key variables (e.g., rent, expenses, interest rates) affect financial model outcomes.12.Operating Pro Forma: A projection of a property’s income and expenses over a specified period, typically used for budgeting and financial analysis.13.Cash Flow Waterfall: A structured distribution of cash flows to different stakeholders in a real estate project, often involving equity investors, lenders, and developers.14.Leverage: The use of borrowed funds (e.g., a mortgage) to finance a real estate investment, potentially amplifying returns but also increasing risk.15.Equity Investment: The amount of money invested by equity partners or investors in a real estate project. 16.

That way you will get other investors working in that area to give you more specific advise.