You lose control and efficiency when managing remotely. 

I had the oven repaired, AC compressor and condenser replaced, and heater control unit replaced.

Water heaters, dampness, foundation issues, control panels, the pricey stuff will show itself.

Stick to what you can control and work on that.

Read the rent control regulation that went into effect.  

So Don, my understanding is that an Option is a one way agreement in which the buyer has full control (to purchase) and is usually initiated to "buy time" - such as in the case of a feasibility study for commercial property.

This gives plenty of time for a bad check to be discovered (which has never happened).I LOVE off platform bookings for the following reasons:My payment provider is cheaper than AirBnB and VRBOs.I have FULL control of the reservation.I have FULL control over the security deposits.I can enforce cancellation fees.I'm not a slave to the reviews.I receive the funds immediately, and don't have to pay the advanced payout fees.Guests pay the credit card fees (still cheaper than the VRBO / AirBnB fees so most are happy to do so)Guests appreciate saving on the fees.This is all VERY easy to setup using OwnerRez. 

HOA boards can be a fickle bunch, and unless you're running the show, you have no control over the fees they levy.On the other hand, your capex budget is already 18%, so maybe you're good there. 

What is your comfort level with control over your property?

Goofy initiatives like this with more rent controls are popping up all over the country.