I have had about 1/3 not exercise their Option for various legitimate reasons.

For a newbie, out of state is NOT a practical or realistic way to do it IMO.

I did not practice this method.

In my experience, Declarants-in-control have a tendency to over-pay management companies, sometimes even management companies that they own under separate legal entities.If you were successful getting much information from a HOA as an offeror, I am impressed, as their governing documents and practices generally limit their obligations to their own Owner/Members.  

RE investment as it is often practiced and preached here on BP is an active investment.

Prepare to be frustrated and don't get your hopes up too far as it may be a fruitless exercise.  

You risk losing alot of time. but still that's common practice here.

Remember the work is being funded by the insurance company and the increase in premium you will have after a $25,000 roof claim is nominal compared with a $35,000 roof claim.This Youtube video was put together by my area Community Association Institute chapter which is an industry group designed for condominium associations that provides best practices for property managers.  

Its always best practice to get pre-approval first so you can't miss any opportunity of bidding on homes.

My agreement with my PM is silent on the topic of late fees, covered by this generic clause: b.Operate the property according to good business practices pursuant to a general overall plan as established from time to time by Manager and OwnerI normally e-mail my PM asking what their policy is and go from there.I've had to focus on the really big things and let the minor irritations slide.