Real estate had it's reckoning and it's timing, if you didn't get into it and you ever invested in physical assets with size(i'm talking infrastructure, energy, etc.) you'll realize most of these assets are never intrinsic(ITM).

i bought a home warranty once and never would again. they rarely have things taken care of in a timely manner, which can be fine for your primary in some cases, but not for a rental. and the companies they contract to do the work, are getting paid pennies on the dollar for those jobs based on the deal they negotiated, so they're in NO rush to get out to you. and like any insurance company, they do all they can to get out of stuff. it was a waste of not only money, but also time and energy.

Animal control broke the door and the apartment was destroyed, the energy was shut off so the fridge was full of magots.

The time and energy you will spend pursuing a remedy is not worth it.  

Shelter and energy were the standouts, contributing over 60% of the monthly increase.

They were actually receptive of the assessment and paid within 30 days.I am considering solar now and that will be something I pay on my own. the reason is HoA does not pay taxes and it wont benefit from the renewable energy tax credits.

But for now I’m thinking of buying and holding, or partner up with another investor for fix and flips or other projects (In AZ).I bring positive energy, problem solving mentality, capital, time, management skills.

If you have the energy to grind & hustle, that's what I would recommend.

One common distressed seller I've been finding are landlord-managed multifamily properties that have a commercial side and residential side in C/C- areas.At first glance, they have good cash flow... but they come with a tangled mess of existing tenants who pay way less than market value and usually have a longer term lease on the commercial side, meaning you'll have to sink in a lot of time and energy to maximize their profit.It seems like it could be a good niche to go after if you know how to maximize the cash flow OR it could just be a massive headache and money sink if approached the wrong way. 

Here are some of the options we are considering:1) Keep the system basically as is, but update it for greater energy efficiency. - Install two new high efficiency condensing boilers, and update windows and insulation for better heat loss performance.PROS - a) minimally invasive; b) can provide 15-30% reduction in heating costs (we are told).CONS - a)total gas expense is still paid by the landlord; b) individual units won't have individual control (except for a thermostat controlled shutoff valve for heat/water in each unit); c) AC would be available on with in wall/window units. 2) Try to individually meter each units' gas and provide each with a traditional forced air heating/cooling system.PROS: a)gas expense could be completely removed for landlord (huge)- even tankless hot water could be installed in each unit; b) each unit would have their own climate control.CONS: a) constructions costs of running new gas lines and soffiting sheet metal duct work. b) highly invasive with collateral construction costs; c) future costs of maintenance on multiple systems vs a single building-wide system. 3) An electric based heating system- This is tricky in my mind because of the high cost of electric heat.