In order to subdivide this lot, I would have to convince the city to change their zoning map and allow for a smaller single family lot size than what they currently allow (very low odds this would be approved).  

Odds are there are other paid lots near you.  

You can control and budget your own CAPEX some for interior elements (like your own floor laying and the above schedule, for example) but for the association not so much.Condos are odd ducks, too.

When you have a clear definition of the tenant base, you gain clarity on which strategies to pursue and can provide a better product to the market, which tends to improve one's odds of success. 

People twist off every day and living next to someone who is so tightly wound only increases your odds of being one of those hit by shrapnel when it happens.

I'm sure it's a good way to find properties since others seem to have success with it but seems odd to me.

In looking at data from PropertyRadar, I can see that most that you will spend time researching will never be sold - which means odds are your "favorites" are probably the owners favorite as well, and they'll work something out to not lose too much of their equity :) 

Those are always odd buildings to have to rent back out.

You could do that with your own time (easily) but odds are you won't be successful.  

I'd look into the answer with the DMV, but it seems odd to me that a seller and their agent wouldn't have this squared away before they listed the park.