They have to prove to any relatives and "legally" interested parties, (court, relative, creditors, etc) that all money was collected and all debts were paid.  

We own 3 other rental properties that have a 6.5%-7.5% APR, and no credit card debt or any other high interest debt to pay off.

I would apply the cash flow to pay down the debt and hope to have significant passive income (or equity to put into something else) in 10 years.

It sounds like your current bank might be hesitant to provide a loan for the next property until you can prove that the current property provides enough income to support your overall DTI (Debt to Income Ratio).

Less risk as far as a debt note, that's true, but debt is not the only risk to be managed.

Right now, you have a property with a great equity position, solid cash flow, and cheap debt (interest rate is low). 

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

Those special assessments will not be enough, and the reality is the association will likely be taking debt to approach these projects (eg. paving the parking lot, residing a building) and that financial burden would be on the owners and the association. 

Cash out refinances are also an option it just depends what debt you have currently and if it makes sense to pull that out.

-PITI minus (rents x number of bedrooms) = your debt obligationIf what you owe at the end of the day is less than what you would spend on housing per month, that's a win!