Now, at some point there may be some risk w/A properties overbuilding, but we target primarily B/C properties in these good areas, do value add / re-position in infill areas where we can continue to keep rates slightly under market for the demographic we are targeting.  

If you do, get them involved as they are going to know the right pressure points to push for a resolution here.

@Jason Mauldin from the insurance perspective, wood working/staining, etc is high risk.  

Michael, I am wanting to learn more about finding these properties as people talk about auctions and I don't really know what's involved in that or how you find out about them.

Your primary concern is mitigating risk.

@Robert OmbresNearly all insurance carriers publish a "restricted breed list" - these days, regardless of the Association's policy, if you have a breed on this list, it puts the association (you) at risk.

Anyway, personally those feel like too much of a risk for me at this point, as I don't have any experience with hiring/supervising contractors etc, and I suppose doing this the regular remodeling / general contractor way, any potential profit would go to the GC rather than me.So maybe I'm missing something, but it seems that for a newbie it's rather hard to get those kind of deals on properties?

Additionally, we don’t want to be involved in disputes about who did what.  

You can try to transition your 19 units to prop mgmt to see if you can get comfortable with that before taking the plunge on 67 units ( but at the same time make sure you are not losing the 48 unit deal if there is a risk) .  

We did exactly what you're doing now (started reading/asking questions and then taking calculated risks) to get us from there to here.