Remember that once you purchase the property you are paying debt service, property taxes, etc. before you are even shovel ready, and during.  

I do about 150k a month there in repairs and reno, even I get taken advantage of once in a while.Good luckIMO stay out of it, let PM handle.

Thank you for your response and even more for your service!

However even the best operating agreement just can't address every possible situation. 

Although the idea sounds great on paper, I can not get over the fact that the property is cash flowing so well even though market and rent appreciation has dramatically slowed. 

BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Heck even guys I have used many times, steal from me.

Every VA in the world is using that nonsense.It doesn't even make sense to a seller since you said you can have their property sold AND you decide on a price and send the money to them.

I'm currently eyeing a turnkey property in that area that looks very promising.If you have any advice on market dynamics, rental potential, or even just the community vibe in these areas, I would love to hear from you.

Even if they did insure the entire condo (unlikely) or if you decided to self-insure for physical damage you could get premises liability on the property.