Instead, you’re attacking a strawman and questioning the knowledge/character of others.

Things like a new roof can range - here in Philadelphia where i do a lot of work, our flat rubber rowhome roofs are fairly inexpensive and standard . . .

It is flat out not worth the headache, impact to other members and having to find new members anyway to fill all the spots that left because you wanted to fill a single room. 

Prices a few years ago were based on expectations of (in addition to interest rates staying low): - Then current operating cost assumptions (like insurance cost expectations being flat)- A seeming disregard for record levels of new inventory / supply hitting the market- Extremely high inbound migration expectations which are likely to not be met, due to both natural disasters and the boomerang effect when people from California or the Northeast move to the American South and hate every minute of the humidity, the large and relentless swarm of insects, and the occasional hurricane. 

I did minor improvements to both of those, but unfortunately had to replace the roof on each (Flat roofs suck, lesson learned).

My business is built around doing deals for out of state investors and my mind is BLOWN by how many flat out refuse to come visit, meet our staff or walk the property that they bought and we are rehabbing for them.

We fixed the foundation and the flat roof issues with pooling water, and rents didn't meet the mortgage just yet.In 2023, we finally started to cash flow.

If you just flat aren't comfortable with debt, then that's one thing, but I don't get the impression that's necessarily the case.

I am always fully transparent and the owner in that situation is a long standing business associate that knows my character, experiences and background, strengths and weaknesses included.

Heavy cases of clear cut fraud and flat out lying to their investors.