A key piece of missing information is income.

A key part it seems your missing is the underlying fundamental foundation of a HOA, which makes no sense to say "buying" a HOA, there is no "thing" to buy, a HOA is not a thing, it is a organization.

Record it with the county.I just wanted to see if there were any resources such as a paralegal who could "hold my hand" to make sure I didn't miss anything specific to Indiana/county.

yes, we had a full months rent for deposit and already absorbed that, but after repairs and the missed rent payment they still owe $2500.

I guess what I was missing was the timing of declaration of the proceeds, so this now makes it very understandable. 

It just depends, many people get frustrated with the wait but they also and in my opinion more importantly miss getting started because they are stuck on that 1% rule.

I currently pay $977/mth: $645.05 for principal and ESCROW is $331.57 (taxes and insurance/no PMI).Using the Bankrate calculator, a new loan at $275k and 3.1% would be $1,165/mth (approximates, of course):$918 principal and interest$66 Insurance$181 property taxAnything that I'm missing or should be considering here? 

I just wanted to know what type of questions I should be  asking that I might be missing regarding the status of the progress of the project.

The big money is in 4+ units where you increase the rents and the rent increase automatically increases the Cap Rate and the property's re-sale value.I would like to see more people pushing people to understand the power of multi-units and the very strange thing is that I skim through every real estate book I can get my hands on and every book I ever read is missing the very most important facets of multi-unit investing and every book is full of pure B.S. when it comes to the subjects to the pitfalls of multi-unit investing.

What am I missing?