One of two reasons most likely:1.

Mainly because they advertise saying they have been investing over the last 15 years and been wildly successful.

Usually OH and IN are the two main states they I have seen booming business in for 204 unit REI's.

The #1 reason that landlords fail is due to failure to manage to the lease (Source: American Apartment Owners' Assn). 

What you seem to be missing is your main need is an accounting system.  

For me, the later option sounds more reasonable, cause the exteriors are covered by the HOA.

Having reasonable expectations, hiring a local professional (Realtor or PM), doing your research, and doing everything right (i.e. pro photos, professional design, good renovation, proper amenities and location, etc) are the keys to success in 2025.

I like umbrella because there is no worry of being pierced for inadequate separation of finances, if sued you have a heavy weight in your corner who has all the consequences of a defeat, and because usually it is reasonably priced (mine today is not so reasonably priced but I believe it is mostly related to the risks of CA).I do understand that the probability of needing the umbrella policy is low.  

I like the property for a lot of reasons. 

They're hiring PMs for a reason and they fire them for not maximizing cash flow.