In addition you have NO control over market appreciation.

You have less control if an HOA is involved.

The PM company uses in house people for most of the renovations to control timelines and cost. 

This is an emergency and should be explained to your tenant in that light.You have to learn to take control of the situation and know your rights as a Landlord.

Hi,  I'm wondering how to change tenants to bring rent to market price. it's impossible to increase the rent for current tenants since there is rent control in place, the increase cannot exceed 5% annually.

If you are relatively debt-free (minus a mortgage), if you plan large expenses several weeks or months ahead of time, and can control your business expenditures, you are much more likely to succeed.DON'T start wholesaling without regular full-time employment.DO start wholesaling if you have a back-up plan. 

Loss of oversight and control of the project is the nail in the coffin for first-time investors.

HOA would easily eat into your cash flow / profit, or sometimes you have no control what would happen in the decision making. 

Colorado- While rent control can apply in certain cities, there are places in CO that have very low vacancy rates- elevating the overall rent you might be able to collect (obviously in a % monthly rental yield ratio objective to purchase price). 

Good quick read on rent control plans for the Bay Area:http://www.sfchronicle.com/business/networth/artic...Cash flow isn't an easy find out here unless your buying at huge discounts and/or adding killer value through rehabs.