Currently, I am reviewing a 192 unit  complex. 

You don't need to make it complex, just tell them you purchased it and plan to move into the unit.As far as the hoarder, do regular inspection. 

Since you know the costs you can see if the contractor is gouging you.You can also write into your materials contract that Contractor is allowed X% waste (5% to 8%) on indefinite quantity materials and X% mark-up (5% to 20% depending on complexity) for all materials.It is not uncommon for contractors to be able to purchase items cheaper than you can due their purchase volume.

You purchase the property for $200K completing your exchange.There's a bit of complexity and cost to an improvement exchange. 

The property I ended up buying was a townhome and two months after purchase I received a letter from the HOA lawyer stating that there are not allowed to be any rental properties in this complex!

He has been self-managing this complex for the past 10 years, but will be moving to San Diego full time soon.

I actually wasn't happy with my first one but I was asking from something very complex above his competency so it wasn't his fault.

Are there any specific areas, complexes, resorts, etc. that you recommend looking? 

Some models I've seen have things so far diluted (not to mention complex) that once the smoke clears, the returns pale.  

I'm interested in making an investment on an apartment complex.