It does add an extra layer of complexity, but if it's in a vacation rental market where most of the homes in the HOA are vacation rentals, it's unlikely that the HOA is going to suddenly ban overnight rentals.

We had a few properties in LA before investing in an apartment complex in Cincinnati.

A company is developing the Vanity Fair Complex just outside Reading. 

If she has all cash she might look at an apartment complex or really from what you are describing (hands off) triple net leasing but you need a few hundred k to get going.

Do you expect less as the apartment complex gets bigger because you make more with the increased number of apartments?

Persoanlly, I rehab because I enjoy the difficulty and complexity of creating something from nothing...amongst other things in alignment with rehabbing.

@Jeff Heflin  Some students do live off campus though quite a few of them seem to gravitate toward some of the apartment complexes in the area, especially Cherry Grove.  

One city, I couldn't remember which, charges $25/fixture when most do not, I was changing sinks and toilet into granite countertops on an apartment complex and the permits ran about $7800 for 102 rooms.

That said, we're paying so much in rent anyway that it still almost makes sense to buy one of the cheaper condos in Century City, rehab it, and live in it for at least a couple of years before renting it out if we want.Our goal is to live in LA and then invest in multi-families (and eventually apartment complexes) either in the outskirts or out of state, where our dollars will go a lot further.

(waiting on #'s) Other previous listed "renovated" units in the same complex rent for $700-$725.