The other downside is that it's easier for a crazy neighbor to have an ill effect on the functioning of your association.

Oh you think you will, I know -- you'll list it as a 'handyman special that just needs a little TLC...' and you'll tell the seller that it is just a function of pricing it to sell. 

A self-sustaining, functional, and community improving entity that allows me to not have a NEED to work.

General ideas:A property’s Cap Rate is a function of the NOI and the valueA Market cap rate is the cap rate you would expect for a bunch of properties similar to the one you’re buyingA market’s cap rate is generally fixed for a short time domain: it can change over the years but generally is fixed over the next few monthsA property’s NOI can change very fast.

At the same time it's  cooling well and functioning as it should. 

If you have such a good relationship with a contractor you trust, what function does the property manager serve?  

You guys might be a little quick on the trigger here;  in many, if not most, jurisdictions an owner can pull permits/function as a GC Only on an owner occupied property, not as an investor/flipper, and usually requires the owner to retain the home for at least a year before selling/renting, to qualify for that exemption.While the OP may indeed need a new accountant, he doesn't even know what kind of license the accountant was referring to, apparently he didn't even ask.

In my opinion it is the best function BP has to offer.

I'm not as picky on the actual free cash flow to say it must return at least $X, but I typically get between $100-$150.I buy things stupid cheap....many folks call them "Class C" units, but we keep them clean, safe, and functional. 

Luckily, they have a great inspection with no findings.Though not optimal, I decided not to pursue my $50 late fee and the whole issue with my renters breaking the lease by using their deposit as the last month's rent.I'm curious if you all know of a more functional approach to this whole last month's rent and  deposit thing.