This is common in larger communities especially in the southeast where there are HOA’s for your neighborhood but they are part of a larger planned community that has a community hoa - those could include a community pool or buildings etc

Case in point, I recently had a water heater go out, one of these pricier tankless systems that was on its last leg after about 10 years.

If the seller were to carry the $500k down, could I give them the majority of the LP pool on top of whatever terms I negotiated with them?

Hi Felix, all great questions.You should be able to pool funds under various legal structures (LLC, JV, Trust, etc.).

Are you changing layout and have to move drain lines, gas lines, water lines to new locations?

My bedroom ceiling started leaking...I put a pot on the floor to catch the water and called the landlord at 11PM.

You need to think of your worst-case scenarios, like vacancies, rent decreasing, fines, fire/water damage, and getting sued. 

We also had an iron tub in the front yard that my mom would fill with water and put black plastic over to help warm the water, then a little hot water from the wood stove, and we would take turns bathing in the great outdoors.Rough stuff, but I don't recall ever being unhappy at that time.

As you all know, getting a phone call in the middle of the night from a tenant with no heat or water leaking is a nightmare most do not want.  

I've only seen loss of rental income pay out after a covered cause of loss (fire, water damage, sewer backup, etc.) triggered a loss in rental income for the investor.