@Joe BlowI would Eliminate that gray area that typically comes with those type of arrangements.

Typically, I BRRRR with ARV loans through a local bank for our investment properties, so I'm not up to speed on traditional mortgage rates.

I think the condos are essentially non starters and shouldn't even be considered because of the very high HOA fee of 7000-8000 per year.

Essentially it seems as though I would keep using a HELOC for down payments until I build up enough cash flow to buy fully in cash.

If this kitchen represents what is typical in your local rentals then make it clean and functional and get it rented.

At the end of the day, the time, stress etc it saves me its worth it.Also for handyman work, they will typically charge you a minimum price, like $200 for a call so its good to have a list of multiple items then just calling them every time something small pops up.

Is this a fairly typical arrangement for partnerships?

I’m guessing what you call “too much EM” is likely typical for Real buyers in your market.  

The neighbors got to stay and the HOA got to essentially "keep" the money.

The only strategy I have seen so far, and I forget who provided it, was to try and clear as much debt as possible on single family homes and pre-qualify for HELOCs of other lines of credit to be able to start buying at the downside of the cycle.One person mentioned in a facebook group I am in, essentially, "don't worry about it, just hold everything tight and wait it out, it will correct itself."