Those special assessments will not be enough, and the reality is the association will likely be taking debt to approach these projects (eg. paving the parking lot, residing a building) and that financial burden would be on the owners and the association. 

Quote from @David Spurlock: Hey @Drew Sygit, Can you expand on "Old advice" and "new realities?"

And the reality was I only put 20% down plus closing costs.

We are in the same boat regarding pics vs reality. 

Appears the guests may have left the faucet "on" when the pipes were frozen and when no water came out, forgot to turn it "off".What may have caused the overflow of the sink is maybe the drain lines were also frozen?

Sad reality is I'll probably own a few rentals before ever moving out.

Because the reality is that one deal won't make you rich, but the continuous growth you get by doing deals and building your skills, network, and expertise will create the foundation to get you there! 

In reality I had just gotten into an accident and was not able too even if I wanted so everything lucked out.

It's definitely not your fault that the kid allowed the sink to overflow.It's not the tenants responsibility to inspect caulk.

I know that RTR positions themselves as “turnkey” but the reality is that they are more of a hybrid model - they set you up with everything you need and facilitate relationships with lenders, insurance, property managers, and so forth - but they are not the actual service providers.