This is critical. 

Again just looking to see what my fellow investors are doing or what I should be getting into while we still have a functioning economy.

The increase in home prices has had no impact so far on buyers; relative affordability has gone up as a function of lower rates and (finally and slowly) rising wages.

If you don't know what that is, look it up, it is required to pull off a full-scale project.I understand this may sound rather critical, but remember the 2nd best money is the money you profit, the #1 best is the money you never loose. 

I know ill probably get ripped on by the senior guys here, but there are some really nice condos in the Arlandia area that are well maintained and have somewhat functional HOA's.

This is both a function of screening well, including no past evictions, and due to the low historic vacancy rate (typically around 3.5%).So evictions, that basically happen fairly seldom in this state, are postponed. 

However, bear in mind that legal title is a function of equitable title.Unless the property is foreclosed, the sibling heirs have an "equitable" interest in the property which a court will recognize.   

If the operator is doing all those functions on a single family or duplex, and taking ownership instead of charging for it, that could make sense.If you are talking about a large syndication, that type of return seems out of line with market.  70/30 with 70% going to investors is more common.

Despite the many critics, this does not mean it's a bad investment.

Not trying to be snarky or critical there, just what I would do.