I don't invest where there is rent control or excessive HOA oversite. 

There were a few reasons why I chose to refinance instead of using a HELOC.1) I couldn't afford exposure to variable interest rates, knowing that I would not be in a position to pay off the loan for many years.2) There was no point in having a line of credit, since my goal was to keep the borrowed capital working for 30 years, not pay it down early. 3) A refi on a primary residence is a lot cheaper than a HELOC, in the long run.Like you, I was dismayed when I came to the realization that the cashflow would be close to zero, since both the debt and equity for the rentals would be borrowed (100% leverage).

I have purchased a property in cash and am considering pulling in a partner to limit my exposure.

If I became concerned about my exposure I'd buy an umbrella policy.

As long as you're self employed and have the excess income that you do not need now, I would recommend a Solo 401K with both regular and roth accounts. 

Volunteer with Habitat for humanity projects (or similar non-profit rehab programs) and get as much exposure in the community as possible.

Attending local real estate investors association (REIA) meetings is a great way to achieve some exposure.

Being a first-time landlord is never what people think it will be so you want to limit your personal exposure by not over-buying on units to start.

It seems a little excess to me but the most of the town-home complexes have similar HOAs.

Clean out dryer vent and add grated cover to dryer exhaust at side of garage5) Repair water heater as suggested in appliance warning on counter in kitchen: "Excessive rust in burner compartment" to restore hot water function6) Remove Shed as it appears to be sitting on the ground and is dilapidated8) Replace carpet in back bedroom due to stains9) Remove rest of exposed plywood under counters away from range and/or cover with trim to make it look finished10) Patch & paint minor drywall damage/ water spots at ceiling and at entry to enclosed porch from interior and some other minor areas