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My condo HOA did this successfully. The interested owners requested that the Board engage a commercial electrical contractor to calculate the max number of 50A circuits that could be added within the existing electrical infrastructure. That number came out to 60 (of 143 total units). A notice...
I used shielded CAT-5 and it's worked well. Far less expensive than single-pair twisted/shielded. Attach the drain wire (shield) to ground on the master end only. It's a data connection (RS-485, I believe), so 22 or 24 AWG is fine.