To estimate appreciation, I currently use the general inflation benchmark as a baseline, with a few extra point for the Bay Area.As far as the exact appreciation percentage per year, that is not something we can control or accurately predict.My gut feeling is that higher inflation will translate into higher appreciation.

You don't have any control over when they will raise the dues or when they will hit you with an assessment.

Even at $2500/month I pay currently for rent would it be worth it to take on this venture or should I look out of state where I could conceivably buy several properties for the same price even though I’ll lose the FHA and have to do the full 20%?

South Lake Tahoe is a hot market right now, and CA has statewide rent control. 

In the scenario you are proposing, you are the one with the mortgage and the other partner now has partial control over the property.

Labor bids are best because you control the product.

@Rae Stankowski, based on what you say, I would actually be more concerned about a contractor that cannot control their cashflow.  

Let your passion take control.

So if you have good ones, treat them right and don't sweat the small stuff, control what you can and perfect your systems to define expectations, reward them when they do well (bonus for finishing early, bonus for short punch list etc).

Its currently owned by a non profit and they have indoor climate controlled storage units in place and rented, a store front with tenant in place, a vacant and gutted second floor that could be finished and rented (probably about 2000-2500sqft) and a banquet hall with full kitchen and bar that has a max cap.