The key is to understand the capital stack, who is in line in front of you and what are their terms.The people who are getting burned may have known there was debt in front of them, but did they know it was short term or variable - did they know all the details to make a good judgment on the investment.If a property had 20 year fixed debt at 70% would you take that over 3 year debt on a variable rate at 50%? 

The key to success on this property was recognizing its market-ready condition.

Building relationships and finding the right deals will be key to your success - also make sure to start out small and go from there - don't get into something too big/you can't handle.

Often times when a builder/buyer moves too fast, or is too busy and overlooks a key piece of due diligence, the unethical ones will try the "scorched earth" method and blame everyone but themselves, even when they know it was their own mistake, and they'll see if they can scare you, the seller, the title company et al into paying damages/fixing their problem. 

Your detailed approach is key to finding opportunities aligned with your goals while navigating regulatory hurdles effectively.This post does not create a CPA-Client relationship.

I would imagine the best actions would be to immediately fire the management company, pass the keys onto a new one, sue the old one in small claims court for the listed damages.

Make sure they have keys in case the tenant isn't home, so they know they'll be able to get in.

@Ivan Shao There may be an "arbitrage" between the multifamily price and its individual condo components if the former gets condo-ed out.

Educating yourself on both real estate and lending practices is key to making informed decisions.

I'm thinking less electronic components if at all possible.