I use different LLC's for different asset classes (ie mobile homes, SFH, MFH) based upon risk, and ease of taxes

As far as I know an HOA board can hold as many meetings as they want but they risk the rest of the association turning on them.

Also, As I have said before in these forums, it really comes down to your risk tolerance and what you are trying to accomplish with your REI.  

In order to mitigate risk, I asked that they provide 3 months of security deposit funds under the pretence that if they pay on time for 12 months I would refund all but 1 month or just apply the other 2 to their rent due. 

How do I balance these two scenarios so I'm getting what I'm worth, but also creating value for my investor taking a risk on a first-time flipper?

There is a price that the investor is willing to pay for it depending on their risk profile. 

@Chris Martin  excellent post.. the reality this is as I stated NO warrenties and ALL risk on the buyer type of way to acquire assets. 

For example: If I found an apartment building that had a landlord that was burnt out but still around the age where they could still use some cash flow I would offer an opportunity where I could go to a bank and ask them to finance 70% instead of the normal 80% which is better for your LTV come time to underwrite the loan and then would ask the seller to carry back the other 30% and instead of paying a bank all 80% of the home and me having to come in with 20% cash I would come into the deal with absolutely nothing down while I finance the property through the bank and the seller.

I am sure the seller figured if you could come up with $400K and with the property to secure the loan, that the risk was low.

I still have to occasionally remind my wife that it is all good debt.But never lose site of the fact that investing is still very high risk.