@Braxton Johnson it depends on the entity and tax elections

You'll need to have an annual meeting to agree on work to be done and budgeting for repairs, electing officers, etc. 

There comes a time if you own many houses, that owning them through a LLC might help mitigate legal risk.LLC can either be disregarded for tax purpose, which means that in general you will elect to file for tax and get taxed on net income as US persons are (with minor differences on exemptions/deductions).

New tax rules are at the core of President Biden’s ambitious economic plan, “American Families Plan” that calls for $1.8 trillion in spending and tax-credits for provisions, The most prominent impact of the plan on real estate is the treatment of capital gains.

Can I elect to combine these two and take bonus bonus deprecations on both if I can achieve real estate professional status on the property that I manage myself?

The president said "because I said so."2.

I am actually the HOA president.

yes, its declining in all educated areas. but housing costs will continue to go up. in our Multifamily rentals, we will be upgrading everyone's living standards to assure we have upper-income earners as tenants, will be adding separate Electic Vehicles charging and 1st $100 of electricity for free included in the rent with Solar panels offsetting the cost producing the electric we sell to tenants. also adding Smart building ready FOG network for security and looking at new Smart Toilets the five-star hotels have been installing.

Even though he is the president of the HOA, this still poses some problems as certain actions require a 75% vote of the owners. 

I am honored to have people rent my house and pay me rent, which gives me nice cashflow every month.BTW, both tenants elected to get a landscaper.