I would say that if you want to invest in out of state RE you need to go and explore areas of interest and then figure out a way to live there part time to learn the area...  

Ground-up development is one of the riskiest loans for a bank to make.One route to explore, though, is pre-selling the units.

Since the electric is metered already that this option was likely explored already.

Just my .02Start exploring commercial lending.

Most HMLs require that you put some money into every deal.Have you explored the BP education tab?

I think one would need 7-10+ units before a VA needs to be explored.

The only option they have not explored further is a $24,700 special assessment per owner as recommended by the Association's CPA."

Hi @Leah C. and @Robert Speckert @William Lynam  I am interested in exploring this market as well.

Until I get down there to explore the area I'm having trouble identifying exactly which areas to focus on.

I have one good lead so far (Michigan Investment Title in Romeo MI) who is exploring for me, but curious to know if you found any title companies who know the drill and have done a bunch before.As for lenders, I found @Jerry Padilla on BP and he is a lender very familiar with DFEs.