Perhaps many investors don't like relinquishing control, which you would have to do for out of state investing, and I can understand that.  

2 - You understand that they have control of your asset.

Take control of your business and lay down the law otherwise you will end up having to evict.

Does anyone know how exactly rent control currently impacts the above three arrangements?  

They had to do some repairs and raise rents (East L.A doesn't have rent control). 

@Bruce Mac, property taxes are out of control in the Austin area.

Russ Casper @ Precision Flooring

They control owner distributions and require annual inspections and financial statement audits.

You can control and budget your own CAPEX some for interior elements (like your own floor laying and the above schedule, for example) but for the association not so much.Condos are odd ducks, too.

Most of the time you end up stroking big checks and wait and lose control and have to go back and fix it anyway.No way I'd wait on somebody (who has no skin in this and doesn't really give a rip) to do this for me while taking forever and getting a month of rent for the privilege.