condos as MF investments

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have been seeing condo bldgs (20 units in a bldg, or scattered among multiple bldgs in a condo developent) being sold as MF.  wondering what are the pitfalls of this kind of deal for the buyer.  my thoughts:

1.  seller can't sell off condos individually and can make more money selling it as MF

2. for the buyer.--- CCR issues, HOA issues (less control of utilities and cost savings), renovations issues, dealing with a condo board - which often is and can be a nightmare.

anyone have experience or thoughts on this?