Take lots of pictures, document everything you see and find and keep all receipts for repairs, cleaning, etc.  

The lack of attention to detail is one thing that has cropped up time and again, but also the reliability factor, and principal-agent issues (ie: our person doesn't care as much as we do and doesn't document their work, etc).  

From my research, it usually costs a minimum of $10K (and sometimes several times that) for a securities attorney to draft offering documents (PPMs and the sort) for real estate syndications, which means that deals below a certain threshold don't make sense to syndication because the cost of legal fees eats into the deal too much.Is this a legitimate pain point?

In my experience, Declarants-in-control have a tendency to over-pay management companies, sometimes even management companies that they own under separate legal entities.If you were successful getting much information from a HOA as an offeror, I am impressed, as their governing documents and practices generally limit their obligations to their own Owner/Members.  

Rate is 8.5%, loan term and amortization is 30 years. 4% origination fee, flat document fee, and that's it.

Hello everyone,I have had an opportunity come up to invest in 3 development projects here in Los Angeles and wanted to see if anyone has a recommendation for a lawyer or investment professional who would be able to review the documents and give me feedback on the offer.  

So look on your closing documents it should be clear.I turned over security deposits as a credit on closing and then he had to set those funds aside. but that was not considered income. 

Some of these lenders will even do 30 year fixed but the interest rates they quote are like 7-8% with points/fees plus they have documentation, reporting, reserve, and pre-payment requirements that can be prohibitive.

READ THE HOA Documents... chances are some of the rules are NOT enforceable and if they are not consistently applied, you could challenge.  

There will be a separate document at closing that you'll sign which provides  the personal guarantee.