You will have ongoing routine maintenance and make ready costs between tenants. 

In some areas, such as Australia, China, New Zealand, the United Kingdom, and a few U.S. states, new suburbs are routinely annexed by adjacent cities.

Location is great and I feel I could get the upper end of the rental range.Needs about $5k in cosmetic repairs/flooring and appliance replacement. 

Also, it seems that the HOA would sort of routinely send out notices of intent to lien for people behind on dues.

@Beverly Rogers and @Ben Leybovich MY FIRST COMMERCIAL We started on the office space simply cosmetic for now and then saving up some monies for engineer and the legalities. this is one of the mistakes of not knowing what you are doing  and not paying attention to formulas and getting into a bidding war with the past owner!

Cosmetics? 

It was all cosmetic, so done ourself cheap but hired out expensive.

I plan to do this by improving the cosmetics and functionality of the building (new windows, repairing fence outside, providing locked entrance door with intercom system, etc.)2.

Like what year its built...addons, where to see value in doing cosmetic repairs that would help raise the price.

Sorry, but you will have a very hard time using the typical wholesaling/creative financing routine for multifam here in LA.