You are only responsible for the interior contents which is what is known as a walls-in policy HO6. 

If the interior décor has a theme you'll stick out.

I did have 2 units with roof leaks in the storm with one being bad enough that it needs minor interior repairs (mostly ceiling drywall, at most a few hundred dollars).So I am not affected by the board of supervisors no eviction ban other than realizing how unfair it is for the LL in that area. 

A few value-adds as well such as photography & interior design.

Purchase price: $164,500 Cash invested: $54,000 The nicest property (interior/remodeled) we had purchased in our REI journey.

We bought our home from a flipper so the interior is all updated.

that goes toward rehab (ie new hvac or interior work).

Generally speaking, Davis-Stirling views plumbing that is not accessible from the interior of a unit as HOA property.

Maybe those bets pay off, maybe you get burned and now have to make up for those losses to get back to even and then keep going to get ahead.If you are planning on investing for the long term, just remember, that the average single family needs north of $400/mo reserved to replace the roof every 25 yrs, repaint the exterior every 15 or so years, HVAC every 10-15 years, flooring, interior paint, kitchen remodels to keep rents high, bathroom remodels, new decks, fences, retaining walls, garage door openers,...  

For instance, what is labor rate to install LVP flooring, installing interior doors, installing windows, interior painting, installing Romex, installing electrical panel, removing PEX plumbing and running new, removing trash, installing cabinets, installing counter tops, installing tiles and more.