Since I vetted the tenants and regularly did property inspections we were okay with not having the extra protection of having it in an LLC.

There are plenty of other 'regular' neighborhoods that can still perform to your expectations and needs.

The Assessments levied by the Association shall be used exclusively for payment of Common Expenses including, without limitation (i) the upkeep, maintenance and improvement of the Common Areas and other maintenance obligations set forth in Sections 10.1 and 10.3 below; (ii) maintenance, repair, replacement, and operation of rights-of-way and easements within or immediately adjacent to the Project (e.g. landscaping and sidewalks within the right-of-way of adjoining streets) to the extent that such actions are required by government entities or deemed appropriate by the Board, (iii) promoting the recreation, health, safety and welfare of the Owners and other lawful occupants of Lots within the Property, (iv) payment of property taxes for the Common Area; (v) insurance premiums; (vi) legal and accounting fees; (vii) management fees; (viii) charges for utilities and other services provided to the Common Area by the Association, if any, and for all utility charges paid or incurred by the City and reimbursed by the Association for street lights in the Common Area; (ix) costs to maintain the entrance features, including any electricity, landscaping and irrigation expenses associated therewith; (x) the performance and exercise by the Association of its rights, duties and obligations under the Project Documents, and (xi) maintaining any Stormwater Control Facilities located on portions of Common Areas to the standard required by the governmental entity or agency having jurisdiction over such areas.

My understanding is that in Florida I do not need to hire licensed contractors to do regular routine maintenance (replace lamps, toilets, tiles, etc), is this true?

You could probably find a nice 10 unit apt building in Kalihi or Waianae for cheap but you'll need to hire security.There are whole lot new project anticipating moving into that direction, such as building higher/stronger seawall.Folks that visited regularly notice would notice there would be much more lava big rock stone allocated in front of the beach.

The monthly fee of X% should cover most regular things (collecting rent, answering calls, dealing with the occasional repair request which might happen once or twice a year depending on the tenant). 

In FL (and everywhere), as regular investments, not live in, I like 2-bedroom homes.

If your PM is not communicating with you on a regular basis about the status of the property's activity and also not responding to your inquiries in a timely manner, that's a problem.

Might be worth chatting with the great folks at Dirtfish if they would be willing to promote your vacation rental or even package it, they have wealthy clients coming from out of town regularly, and the local hotels are very expensive....any vacation rentals close by would probably make excellent options.

Except, for a group that is only putting in 0.5% of the equity, taking 28% of the promote seems very out of market, to me.