It is not a set it and forget it thing though, you'll still need to be active and review monthly statements and manage things to make sure everything is running smoothly. 

You have to be an active manager and many current owners are not wanting a second job and are selling.

Gita,At least the way I prefer to do things is to only run accrual based accounting activity on my day to day operations.

It's not illegal provided you're dislosing it to all parties and not trying to actively hid it.

Where will guests park?

Day traders are not exempt unless they elect mark-to-market (MTM) accounting, which eliminates wash sale tracking but taxes gains as ordinary income.To manage taxes, track trades closely, avoid overlapping purchases, or consider MTM election if trading actively.

While the power can't be selectively turned off, it’s really about active management and oversight once the utilities are in the PM's name.

I keep coming across posters asking for advice on how to “scale” their investment or business activities.  

Because with an HOA in tow that means your not doing it alone, you have active "partners" who will be taking care of a slew of things so think of it like training wheels. 

I have yet to come across a policy that covered for fraud or illegal activities.