Be careful when you select entity types.A pass-through entity in the United States, such as an LLC, may not hold the same characteristics in Canada.What market are you looking to invest in?

I'm sure how far Lake Monroe if from the University but I would also look into the amount of STRs in that as well.  

You state there's a lot of deferred maintenance, then state it is a remarkably well maintained property.

Looking to add some unique features as well, but some of the draws would be a hottub and stocked pond to fish from.

Quote from @Tanner Pile:  @Eli EdwardsJust like Tanner said, a quitclaim/promissory note must be added to the property.

We live in San Diego so would be long-distance, TBD if we self-manage or enlist a PM. 

i have seen many do very well getting on a team.Myself personally I would concentrate on listings 1000%  Buyers only if well knownand wont waste your time. 

Typically the quality of applicants in the winter months drops substantially as well. 

Their restrictions may be too much of a hassle.- Can't see a Senior-Only complex allowing Short-Term-Rentals (STR).If so, SELL.2) What is the history of Association Fee increases and how well capitalized is the Association for future repairs?

You’d be shocked by how little actual screening many PMC’s do!