As I mentioned, it doesn't mean you too can't be successful there but there is a small bias.So do your own market research, look at the actual data, market growth, population, rent control, job growth etc. 

CC&R's state flooring is not permittable due to noise control. 

Additionally, I had more control over this investment than I did in the stock market.   

I worked for a small firm in Constriction Engineering Products, Johnson Controls, that sold air and water control equipment to large apartment and commercial building contractors.

A lot of investors shy away from them because there are factors outside of your control and the HOA fees can kill a lot of deals. $500 in HOA fees is usually better spent on paying down a mortgage and saving for your own CapEx. 

A master lease allows you to gain limited control of a property for decades and sub-lease to tenants, then after 10-20 years walk away without ever having any intention of buying it. 

If you want to do smaller jobs like repairs, get to know agents, pest control people, etc.

If either or both of the deceased owners had a will, then the will controls who inherits the property.

I think my concern on the market dip, to be more precise, is during refinance.

These initial funds are the "seed" money injected in a deal just to acquire and control the property while you prepare your exit strategy which is usually either sell or BRRR.