You'll want to be very selective but there are funds out there that return 10% - of course your principal is at risk in this scenario.  

This is very common with local banks and credit unions - they dont have the infrastructure or volume to sell into the secondary market and simply choose not to offer those products in their business model. 

And then do it again.It is actually possible to have a super experienced General Contractor, a very deep pockets money partner, and still lose money on a flip.The most common reason, in my experience, is having a project run over schedule and placing the property on the market during the off-season.

In your second scenario you would eliminate all capital gain and depreciation recapture with the step up in basis.there is no statutory holding period that qualifies you to convert the properties. 

Unfortunately this is very common with tenants.

And that was my understanding (the basics, at least :-)...Given that, the scenario that Bob presented in Deal 3 above seems unlikely to play out legally...

These have two very different next steps.If it is a condo, you need to check your condo docs and see where the unit ends and what is common area. if its a leak in a pipe in a wall that is typically common owner and the condo association should take care of it.

I have spoken to my neighbours but they do not know who the HOA board members are ( it is a large complex with 100 + townhouses).It is very strange but it has not proved to be a problem in the past as the management company deal with the properties externally ( eg painting ) and the common parts and have always done so competently and individual oners deal with the inside of the properties.They are now proceeding with the painting without doing anything about the termites.

This can be cap ex to the building's common elements or cosmetic like a new lobby that you as a landlord may not view as a worthwhile investment but the owner occupants may.

If you ever read the side of a Heinz Ketchup bottle, it reads "Do a common thing, uncommonly well".