@Sunny Shakhawala We used private money for ~90% of our cost on the debt side.

I do need to remind myself that the pool of people interested at any given time is limited but the competition is also less than in larger towns.

Prices in those areas have gotten pretty hot so you may want to consider pooling some money together to get something decent as opposed to something that’s cheap for a reason.

For you in sunny CA, I would think that a possible spending leak for you would be "stopping for coffee". 

You should probably account for higher vacancy if it is very rural because it will likely take you more time to get the properties rented if there is a low tenant pool to go off of.

The HOA has informed the owners that the HOA master insurance policy will only cover the club house/swimming pool and the common public areas.

Pooling my remaining cash, 401k, heloc would certainly be enough collateral/proof of funds but obviously I'd rather get my loan from the bank.

You may see more renters enter the tenant pool if we see a downturn, which would technically raise rents.

my wife spends all day every day trying to keep it clean and the 4 of us use the same 3 rooms unless we have a large party which is often" Their house had an indoor basketball court.  6 bedrooms, theater, pool, 2 garages. 

Hello:It will vary state by state as some states may have requirements for certain reserves, etc.That being said, the developer will generally set up the community first with the amenities that they feel they want/need for the target market of the homes (clubhouse, community pool, gatehouse, tennis courts, etc.), then they determine the services that will be included to homeowners (lawn maintenance, trash pick up, gatehouse security, cable service, community activities, etc.).