They have the right to make it one and will, depending on how your financials look as you report to them every year. 

I know the bay area fairly well as i grew up there but less confident about the financials side since I'm new to multi unit investing.

I started a journey back in 2015 towards financial freedom with a goal of acquiring 50 units in 3 years time, and yesterday I was able to acquire a 19 unit value add apartment building in Berwyn with my partner @Scott Skinger With the 19 unit acquisition, I have gone from 0 to 52 units in just over 3 years time.Not only have I reached my personal goal of topping 50 units, but I also get an opportunity to re position a desirable asset in a growing neighborhood.

On top of that, the condo association (very small, 6 units only) is a disaster and is nearly bankrupt, the shared space (i.e. yard, parking lot) are in terrible shape, and the current association officers won't take steps to collect against past due association fee owners. 

We're working toward financial independence so the question really comes down to increased cash flow vs. decreased liabilities. 

Spending an hour with a CPA who understands your overall financial situations would be time well spent, but there are some general rules of thumb:If you hold the asset for less than one year, your profits are considered short term capital gains - which are taxed as ordinary income at your standard tax bracket rate. 

Children have a responsibility and that responsibility isn't to try and figure out ways around the system when it becomes inconvenient financially.

It sounds like you're already working to put yourself in a better financial position, so even if they don't think they can lend to you now, they would likely be able to share criteria and a timeline for when that would be possible. 

It stands to reason that anytime someone takes a big step forward financially (e.g. a first purchase, a multi-family unit, a first apartment complex), the risk may overcome them.

We have been saving what we can and educating ourselves in order to make the best financial decision but we are torn because...