You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

They are in communities which sustain themselves  from withn, separated from our communities. 

If you can capitalize on those early returns and recycle into another property with similar early trajectory, you will end with much more money over the same period of time.Of course, being able to harvest those gains and recycle in a tax deferred manner helps even more, so you may want to seek out syndicators that are able to offer 1031 exchanges on exit, which is definitely possible.

Terms, covenants, conditions, easements, restrictions, reservations and other provisions, including provisions which provide for a private charge or assessment and also provide for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, according to that specific Declaration of Condominium"ButThere is also ALTA 4.1 CONDOMINIUM--CURRENT ASSESSMENTS ENDORSEMENT which states: The Company insures against loss o rdamage sustained by the Insured by reason of: Any charges or assessments provided for in the State condominium statutes and condominium documents due and unpaid at the Date of Policy.Looking for advise on next steps.

It must be self sustaining, and repeatable.  

Right now, the buy-in is so high in NJ, they are locking up deals at prices that aren't sustainable and chasing spreads that are way too big.

It still amazed me how few real estate brokers, residential and commercial, simply do not answer their phones or reply to emails/text messages in a timely manner, if at all.

I would invest in a market that will sustain STRs and is a tourism destination. 

To clarify, I am a supporter of forming LLC's but in a far simpler manner than how most propose and for different reasons.

Interior walls has to be intact right now, meaning now peeling, loose, flaking paint or like you said you can cover it up in appropriate manner.