They are responsible for the exterior of the building, plane and simple.This is probably a silly idea and you'd need a lawyer to write it up...I don't know what your HOA fees are or how long you plan to live there, but if your HOA is $2000 per year and you plan on staying there for 5 years, you could tell them they need to pay $6K now for the roof and you will 'loan' them the other $5K at 7% interest and they can recoup it by you not paying your HOA fees for the next 2.5 years (and adding in the interest).

Assuming you are planing on moving in with your parent:.

sure you simply have to make a lot of money.. either choose the tenant pain and the writeoffs that go with it or choose write on s and live with the income and tax burden.you can always buy a plane that will shelter a bunch of income. 

By analogy, this would be like having airplane passengers wear parachutes instead of focusing on what it takes to keep the plane in the air.I think a better way to protect your equity is to:Maintain the condition of your properties and operate fairly and ethically with constant regard to the lawPurchase insurance to cover any inadvertent negligence and/or simple bad luckVest title in a business entity that fits your partner, business, and tax strategyGood luck on your purchase.

If you have not met or worked with them before, I would consider at least checking the place out in person (plane ticket is a lot cheaper than some crazy headaches) or making sure you have thrid party inspector and a lot of videos.

On the plane ride here I finished "THE Book on Tax Strategies for the Savvy Real Estate Investor" by Amanda Han and Matthew MacFarland. 

South East is one of my favorite places to explore by plane.

Also taking your example think like thisOKC -150k house rents for approx $1200 (i am being very general you may get more) with 25% down you have 38k tied up in the houseSD - 400k house rents for double so $2400 with 25% down you have 100k tied upFirst off, why would you buy in San Diego when there are cities all around San Diego that are priced much more advantageously, and those cities are much closer than a plane ride away.

(He built his net worth from nothing in the early 80's to 25-30 million, company plane, the whole 9... in the 2000's and was an early developer for Wal Mart among other things over the years...looking forward to getting to sit down with him again.)He felt his greatest asset was the ability to think outside the box -- not saying anyone here is not doing so and that I am by what I propose below.  

Thank-you @Ned Carey,my rental worked but ended up being a little tighter on budget then i planed for, for my first flip i am looking for higher end areas and of course at the right price where i can still make a decent profit of about 15%.