As a little background information, I have a degree in General Science from Morehouse college in Atlanta Georgia, a degree in Civil and Environmental Engineering with a concentration in Construction Management from the University of Michigan, and I just graduated in June from the Darden School of Business at the University of Virginia with an MBA.

Each HOA is different, so the key here is to read your By-Laws and maybe even the Declarations to find out what YOUR HOA considers to be a "Limited Column Element".What @Fred Heller said (with an unnecessary amount of snark) is essentially what is most likely to happen.  

These goals should be very simple:1 - You need to pay off all your personal debt2 - You want to have enough passive income to cover all you monthly bills3 - You want to accomplish this by a specific date.4 - You want to have fun doing this.Once you set these numbers, you "reverse engineer" from there, establishing as series of groups (elements of the steps above) called "measurable milestones".  

Im not a key element in buying properties in my business, or any part of it's day to day operations. 

Also, does any owners of units simply go through and replace the anode, thermostat, and heating elements for less then $100 in materials and find that has proven to be a solution to get the units to last another 7 to 8 years?

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.

This hurricane is going to cause investors to look harder at their environmental risk in Florida and put their money in the Orlando Metro Area where it should have been to start with!

What are the shared elements of this property?

There are many facets and I would recommend to absorb all elements of investing and not just what pertains to your specific goals.

There may also be environmental overlay districts, historic districts, and other considerations to zoning that you have to be aware of, so I'd definitely start with the zoning regulations,  from the zoning/planning  department