There are a lot of people spreading bad advice so it's always wise to use other sources (e.g. books, attorneys, etc.) to verify information.Watch the webinars, read the blogs, ask the questions, and then dive in!

😬 It is often difficult to bring w-2 JOB people around to see what is best big-picture-wise, to think like an investor. 

If possible, during rehab, address some things that will help you insurance wise later:- full upgrade of the electical- full upgrade of the plumbing- removal of any sheetrock, trim, etc with lead paint- new roof- address any drainage/leaky basement issues- hardwire smoke and CO detectorsI know not all will be able to be done but most are cheaper during a big reno and will make you a better risk for the insurance companies. 

So choose wisely. 

The reason investors lose when markets turn is not because they are over leveraged it is because they do not protect themselves, income wise, when it happens. 

Even if we can't do the repair immediately (such issues often happen on a weekend) we show up,  check out the situation, attempt to look wise and offer whatever solution we can (i.e., if the air is not working in the middle of summer we keep extra window shakers on hand to haul over and place in bedroom windows). 

after my first two quarters being an HOA board member, I think it would be wise to research the property management company a board has guiding them.

This should be a purely biz decision, and if the nicer floor helps sell it faster, that might be the wise thing to do.

Other wise Flip away and enjoy the ride. 

I think you've already received some great feedback from the likes of @James Wise and @Dorothy Butala, so I will try to keep my post short (not generally my strong suit).As has been pointed out, a couple of the assumptions in the original post may or may not be correct, depending on the turnkey provider you use.