We are under contract to purchase a 12 unit complex (that is near another apartment community we own).  

We are under contract to purchase a 12 unit complex (that is near another apartment community we own).

Many boards play hardball because they can lose their FHA approval status if rentals are over 50%, plus the fact that if they wanted to live around a bunch of renters, they would live in an apt. complex, not a condo association.  

Right now I'm focusing on picking up an apartment complex and wholesaling. 

Unfortunately a number of CA counties populate individual condo records with unit counts for the complex.

They gave up on the idea since another apartment complex a block down from one of theirs came on the market and all of their assets went into that.  

Which would hit the 10 unit limit in accordance with the General Plan.RM-4300 Residential, Multi-family, 1 unit/4,300 square feet of total lot area or, 44,000 sq/ft lot / 4,300 = ~10 unitsThen finance the construction on a 10 unit complex.Keeping the property as a long-term rental complex seems like an easier process than splitting the lot up, establishing an HOA and selling individual lots.

We are presently engaged with a mid-sized multi-unit complex which was running at 50%+ vacancy as a consequence of mismanagement and inadequate re-investment.  

Ultimately, I'm interested in owning or leasing an apartment complex as a means to bring in consistent cash flow outside of my other investments. 

Of course 100 is just a made up number, it might be 50 it might take 200 in a complex area.