There are some types of trusts that bring a lot of protection, but you generally lose control of your assets and they are managed by someone else. 

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

I'm a local, CT based investor, flipper, and property management company owner.  

I do construction management for investors and I usually find them good contractors at good prices. 

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Who manages it?

Quote from @Dave Chengoue: Quote from @Wale Lawal: @Dave ChengoueIt's great to see your focus on multifamily properties and your clear plan for self-management.

I think a better option is to get a job in property management.

I have solid property management in place with my portfolio so the time commitment is minimal but it still takes up space in my brain.

I'm born and raised in Houston and now work with a full service long-term rental management managing over 300 doors - all SF or MU (up to 4 unit).