I'm exhausted just after writing it, and frankly, I'm absolutely looking forward to finally planting roots and settling down here in LA.

Say you had enough for 10% down on a good deal would It be wise to get private money for the rest (projecting a mortgage of 1500 and PML payment of 500 and cash flow 700/mo) Let’s say you have exhausted all friends, family, colleagues for that other 10%, are there private lending companies out there that would negotiate terms?

We had a money pit on our 3rd investment house, similar to yours, it cost us $20K to buy it, and we ended up having to spend $35K in renovations ( getting weaseled out of $11K roof hurt the most), and I hated it... oh, our contractors stole the copper pipes, so we had to do all new plumbing ($3k), so  even just talking about it-- I remember how pissed off I was, and it's just like.. make it stop.   

I wish I knew about polybutylene pipes!

As others said, if there is a flood or leak, the condo/HOA insurance will cover it if it due to something like a burst pipe. 

@Travis Henry being that the new construction prepped the units with W/D connections (H&C water supply, waste, vent, exhaust and power) it makes sense to include the equipment...higher rents, tenant convenience, etc. as mentioned above.Regarding the domestic water on a "Master" meter, what does that mean...1 meter for the quad? 

The condensation line is stuck inside of a pipe that goes into the concrete in that room.

While they're being rehabbed they usually have unpleasant nicknames - The Roach Motel (full of dead ones), The Dog House (smelled like wet dog inside), the Crack Shack (found an old crack pipe someone left in the electrical box)...Once they're all prettied up and rented we just go by the street name, Columbia Ave., Drexel Dr., etc.  

If a water pipe breaks and the place floods, you would have to move out while renovations take place.

Prior tenant kept cranking the heat up full blast and busting steam pipes.