I know a couple of landlords, but I don't think they are constantly buying new porperties every year -- it seems the ones I know move at a more measured pace, waiting for great opportunities rather than just buying for the sake of buying. 

I am just pointing out that since there is no measure of what over-leveraged is, most anyone will say they are not.

Currently I am involved with:Tax Liens Tax DeedsWholesaling Real estate license.I want to learn as much as possible and I am aiming to connect to build my network and eventually build my net worth. 

I'm going to assume that you're aiming to buy at wholesale prices like most investors.

Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth.If you have 80% debt and 20% cash down payment, are you WORTH a million dollars???

With that being said, I will aim to purchase properties at least 15% below appraisal value.

It is a measure of what should safely work.

Camera's always aim for "grey", so a white wall with a bright window will look dark.

How the heck are you measuring them? 

The HOA board is all owner-occupied units and they view the measure as a way to maintain their values in the community.