Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

I'm not worried about the 80% that follow the law and the agreement. ;-) 

Follow the law only exactly in California.

@Maryann Fialdini, I hate to say it but you need a good real estate lawyer IN YOUR STATE because HOA laws vary somewhat from place to place.

Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them.

I would guess that a 3% max annual raise is more realistic because the socialists are tightening their grip on California and pushing for harsh laws to take control of properties etc. 

I got my start renovating my own rentals and helping my Electrician Father in Law on odd jobs. 

While at dinner the women were talking and the guys were looking at some pictures of crime scenes . one of the guys is in law enforcement in Baltimore . 

Similar to setting up a Solo 401k many are unaware of the laws and regs and don't want to touch anything unfamiliar and so it is always easier to say "we don't, can't do that.

@Atul Mohlajee, I don't know Michigan's laws specifically, but none of this sounds out of line.