They have just a few dozen spots each year.

You have a super sweet deal w/ a 0% interest loan, especially if you have such a minimal (or deferred) payment.

I came across the the following interesting articles (note - the author paints a bleak picture of economic environment).Interesting article about how banks are doing sub-primes loans again:http://www.zerohedge.com/news/2014-04-22/mortgage-standards-are-plunging-%E2%80%93-it%E2%80%99s-muppet-fleecing-time-all-over-againAn article showing the decline in existing home sales (except for the rich):http://www.zerohedge.com/news/2014-04-22/spot-massive-depression-and-tiny-recovery-existing-home-sales-chartWhat are peoples thoughts?

The board's in a tough spot when things need to get done, and the homeowners refuse to raise monthly dues to get it done....even though I think it's strange that a majority homeowner vote is required to raise dues to pay for necessary costs.

I used $500 of my rent money to reserve a spot and I was going to get the rest from my IRA account.  

The way we do it:In nice houses: tile in the kitchen and bathroom and either stained hardwood floors or carpet (at least one step above builders grade) in living room and bedrooms.In less nice houses: vinyl in kitchen in bathroom (we used to do allure but it lost favor with us when we realized spot replacements really aren't as easy as advertised and it's substantially more expensive than vinyl) and carpet or stained hardwoods in the living rooms and bedrooms.

I know a good investment property when I see one, I understand the rehab portion and am pretty well-versed in the construction side, I can look at a property and pretty much tell you what it will sell for and be pretty spot-on most of the time.

I currently reside in the Goose Creek SC which is about 10 miles outside of Charleston SC, voted #1 city in the nation.As a former real estate agent, I've always had a strong desire to purchase real estate and can instinctively spot property that I recognize as good investments. 

When a deal is that sweet, I always try and meet everyone there if I can instead of just giving them the lock box code.

Ian please heed everyone's advice here as the books and actions mentioned are spot on.