Of course, your properties need to be self-sufficient, so putting aside that money for CapEx, repairs, and vacancy each month is critical.

The result was that two identical buildings, one within an HOA and one outside of it, had vastly different cash flow with the non-HOA property always coming out ahead.Now 5 years later, the properties within those HOAs have not experienced nearly as much appreciation as my non-HOA property.

I would probably finance, though, because it leaves you a sufficient cash reserve to cover emergencies.

Cap rates are still really low and it doesn't make sense to move forward with the vast majority of listings.

They informed me that documents are sufficient to be legally binding but leave a lot of potential issues.

Until then its just another RE offering and just my personal opinion but the vast majority of RE offerings I see doing these types of things are not the best on a pure RE basis.

So I quit my job and began this vast undertaking on my own, with the help of my elderly dad who is a wealth of construction knowledge.

-A 3-4 family property will also have to meet the self-sufficiency rule - ***The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.

This will give you guidance on whether or not the return on any property is sufficient (moving you toward your goal & compensating you for the risk involved).  

I would say the vast majority of investors buy properties needing work.