If yes, LS is an easier market to manage and no restrictions with placing tenants...ever considered self mgmt?

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

Be certain that the municipality does not have restrictions, not just the HOA. 

My bank tends to have more restrictions than others, but this hopefully helps as you shop around.

Here’s what you need to consider:1.Related-Party Restrictions•The IRS generally doesn’t allow 1031 exchanges when both the sale and purchase involve related parties, unless both properties are held for at least two years after the exchange.

I believe it is limited/restricted in the city of San Diego for low income housing. 

There are no municipal-level rental restrictions. 

Dog Bites from a Tenant’s Dog – Many landlord policies exclude liability for injuries caused by a tenant’s dog, especially if it is considered a restricted breed.

Quote from @Dan Heuschele: The reason syndications are restricted to accredited investors is an attempt to restrict the offers to sophisticated investors.  

There are no laws restricting mark-to-market rents.