In my opinion, that should be something covered by the HOA's insurance, but admittedly this situation has become more complex.

I like the idea of Multi-Family units and Apartment complexes.

While certainly achievable, there are complex rules that have to be strategically navigated to achieve that result - often attainable, but not always. 

A large local group has just purchased some land 2 miles away and plans to build a 430 unit complex.

Apartment complexes in Virginia near military bases and other business that have not been hindered by COVID-19Buying for cashflow and value add opportunitiesWe force appreciation through value addAsset class: B and C

Get some experience before taking on more complex and riskier projects.

I read of guy who does this with apartment complexes in SanDiego years ago.

We were moving down the path of converting into condos but were advised that there can be challenges securing a loan against a condo when the complex is 4 or less units.

Don't forget that "complex" structuring is still used by many other commercial disciplines as "everybody" needs to segregate their liabilities. 

If you'd like to defer 100% of the capital gains tax in perpetuity you can do that with a complex spendthrift trust.