A processing fee to equal to the total fine (including fees, penalties and any other charges) will also be taken out to compensate the landlord for handling.Keys, Garage/Gate Remotes: If Tenants or their guests break, lose, damage, or lock themselves out pertaining to keys, garage or gate remotes than the tenants are responsible for any cost replacement, locksmith or other cost to rectify the situation.

I am just about to wrap up my first year of buy/hold investing, and I have seven doors in this market.I imagine there are some genius-grade new investors who can get everything running right out of the gate, and for whom out-of-state investing would be easy.

If I need to replace 2 heat pumps out of the gate, my numbers drop and I need to reconsider.

Being new to Real Estate Investing, I'd like to mitigate my risk as much as possible out the gate.

At $1600+ per month it should cash flow out of the gate and that will get better as rents increase. 

There are 8 buildings like this on the street and it is in a very nice gated community.

Purchase: $160,0003 bed, 1.5 bath in Fontana, Southern California1110 sq ft condoTwo Story Unit, patio gated with parking entry, new cabinets with granite counter tops, new stainless steel appliances, new paint, laminated wood flooring, new carpet, new bathroom vanity and toilets, new shower tub, new blinds.

No additional equity, possibly losing money out the gate if there are surprises, and you will further tie up more of your cash - unless you are using a HML and planning to refinance out. 

I'm thinking lay gravel, fence with a gate, lighting, and rent.

No legal advice, but I have denied to file claims on behalf of homeowners for acts they claimed were the fault of the HOA (nothing as serious as personal injury - all involved contact between the front gate and personal vehicles).