If a major expense comes about (i.e. roofing repair, hvac, etc) we would split that as well.

My close to 1% cash flow house has tenant calling for repairs 9 times in 12 months (out of owning it 18 months).

The security deposit is approximately 10% of total repairs so it won't cover most of the damages.

You could add being available to schedule repairs and make remedies to owners out of state or are too busy to do it themselves.

It does not cash flow now with the increase but if I raised the rent it would cash flow a couple of hundred dollars a month (the home is paid in full), at this point I'm losing money (between the tax increase and repairs)Are you betting on appreciation in your investment strategy?

The seller will not let us extend due diligence and will just put it back on the market and said he could do these repairs for half of the cost of the low bid (~5k).

I've found that what I value most in regards to real estate investing are the people who know about actual home repair and can approach a sale from that perspective.

But I’d take my scenario over yours any day because I’m not one car problem or home repair from needing to refi my mortgage.  

There is not enough money in the associations reserves (built up over time from members monthly association dues)  to pay for the repair of three roofs.

So I've been doing my own taxes in Turbotax for 20 years now (I only own 2 rental properties but both were BRRRs), and I finally got stuck on something and went to a CPA 2 years ago, and he reviewed my past 5 years of returns and pointed out that I had made multiple mistakes (incorrectly categorizing repairs vs capex, calculating basis and therefore depreciation wrong, failing to realize that certain expenses for a home converted to a rental property start being deductible the day the property was placed in service vs actually occupied, the list goes on).