A dozen of us (family and friends) have formed a LLC and bought a piece of land and are subdividing it into 1 acre lots and each one will build on our own lot. We have also earmarked an extra lot as common land where we want to build an energy efficient clubhouse and a pool. This will be maintained by our own HOA and cost will be split.
Has anyone done anything similar? Are there any gotchas that we should watch out for? Specifically, the questions I have are (we live in North Texas)
How much is the typical property tax for land owned by HOA? how do I find out for my county?
How much will it cost to have insurance?
Any help is greatly appreciated.
PS: If there is a better subreddit to answer these types of question, please let me know.