I have informed the HOA of this issue and there is no appetite to raise the contribution to 10%.I am now considering selling the property as my $1,000 in rent only gets me to break even (high interest rate, HOA fees, property taxes) and there is no appetite to raise the contribution.

They can make sure we are allowed to have Trucks at such and such hours, they can talk to the building inspector to make sure there are not any requirements for fire suppression that we are not suspecting, they will verify usage is compliant, they will check the flood plan and make sure our insurances are adequate to cover it, they will line up local labor for the turn out, they will coordinate the HVAC inspections and due diligence.

This is a key component to the process and different banks have different appetites.

Obviously everyone has their own investment strategy and risk appetite, but it would seem to be that you could do better than that.

My plan would be to rehab the apartments to a decent standard off the bat and then do a big overhaul on them over time.I think it's probably too bigger steak for my appetite off the bat, but it's definitely an interesting prospect.

Ottawa's appetite is far too insatiable.

Since you are going to be doing a total gut and structural work, city (if they would allow it) is going to ask you to put in some form of fire suppression system (another added cost).  

That's looking to be the plan as it seems there really isn't inventory in California at asking that will cash flow very well given the high land values/investor appetite for appreciation.

If this is your first venture, you may want to have the appetite & holding power for it.  

I say "do it" but I have a giant appetite for risk.