What you can control are your costs mentioned previously.

Just be aware that if you execute an owner financing deal, you will have to go through an expensive foreclosure process to regain control of the property. 

One small snag to investments - Hayward does have rent control. 

Pest control and cleaning, $500. 

Where I see the most success in a 1031 is where a seller holds a VERY liquid asset where he/she can control the timing of the sale.  

If an HOA board votes to buy a new product for the community common usage, such as a new entry point access control system, are they able to depreciate that hardware in any way?

That way you are able to control an expensive asset for far less than it would cost you monthly otherwise.Feel free to ask more questions here and we'll try to get you pointed in the right direction :-)

You lose a lot of control and open yourself up to a lot of risk.

I want your opinions on rent control BP!

As alluded to above, the operational issue with blanket loans is you give up control of the sale of individual properties to the bank.