Debt free except primary mortgage and a rec property ( i am renting it, 50% of annual debt covered at this time).

From what I understand DFW market is super competitive, but that means that your average time from start to finish will be lot less then your annualized return might be pretty good.For example, you might find deals where you are able to make $18k in 3 months vs $30k in 6 months.

Annual MIP will be collected until the end of the loan term, or 11 years, whichever occurs first

I'd be giving up about $300 in interest to make an additional $34k/year.If its relevant, I'm 29, have about 1.5x my annual income in my 401k and want to build my real estate portfolio to supplement retirement since I plan to retire well before I'm able to draw on my 401k. 

Why would the developer want to incur the &36,000.00 annual cost ?

On a multi family (2 unit) for 60k costCost Analysis Performed as Rental PropertyIn:Rent - $16,500.00Out:(Annual) Actual Taxes - $861.00(Annual) Estimated Insurance - $1,322.00(Annual) Property Management (Optional) - $1,320.00(Annual) Estimated Utilities/Lawn/Misc -$1,320.00Total Costs - $4,823.00Net:$11,677.00

Of course if it was cash, you'd be @100% in one month, which annualized would be 1300 gazillion per cent APR.

In Canada, it's compounded semi-annually.

According to the official Condominium Association documents any association members/ representatives are elected publicly and annually to ensure the best interest of the condominium owners.

Given $575 in rent, assuming 50% expenses, your annual NOI would be just under $700k.