You want to be able to compare several towns and locations and determine which has the greatest chance for success before you put your money down.  4.  

A very low risk way to grow your portfolio. 

I would also point out that it's unlikely the rates will come down close to 2.99% within the next year, so sitting on the sideline for years is a risk in of itself.Alternatively, you could get a 2nd mortgage that would allow you to keep the first mortgage at 2.99%.

The 3 condos are under-rented and cash flowing at about $1,800/month combined positive after all expenses today.At 75% LTV... refinancing the condos alone (assuming a value of $900k) would put the cash out potential amount at $247k.

I am considering putting them under a property manager. 

As for house-hacking an existing quad, only putting 5% down in this high interest rate environment will almost certainly mean you won't be "living for free" as is the point of house hacking.

Most of my owners put their properties in LLC's, however just curious if there would be any compelling reason why you wouldn't want to do so.

It seems like if I could put together 3-4 people who are interested in the same deal, and get them to pool their capital together on a flip, you would lower the per-person risk, you would allow more investors to enter the market. 

Also, if it's in an HOA, you need to find out the dues so that they don't put a lien for nonpayment.

A lot of buyers in the past couple years purchased with the intent to rent their homes on a short-term basis (Airbnb) which caused prices to shoot up and for one reason or another, a lot of these buyers are deciding to cash out which is creating a large inventory of homes in residential neighborhoods and putting downside pressure on home prices.We are definitely seeing home prices in residential neighborhoods coming down a lot and with the high level of inventory, there seems to be more room to come down.Home prices on acreage in the more affluent parts of Joshua Tree and Yucca Valley (south of the 62 Highway) are slower to come down.