I know this plan is flawed, but help me critique it.

I bring in my friends, plus folks who my friends vouch for as cool. We kick up 10k each and put a nice downpayment on an apartment complex. We all pay some rent which goes to repairs, mortgage and recruitment events, no more than 5% of the money on recruitment events. Management will be either by a hired company, with the democratically elected board simply taking responsibility to hire the company, approve replacement people, and throwing recruitment events.

Replacements would be decided by the board, but we'd be throwing events and having residents invite people to come by with an eye towards eventual recruitment.

It'd be in the city, so everyone can work. Any further commune-type practices will be strictly optional and not managed by the same board. I'd go so far as to ban board members from being on other committees.