You won't be forced to de-convert unless you have violations...eventually the city will start fining you.Very critical terms are non-conforming (no violations - grandfathered in) vs. illegal (violations)...

However, as many will tell you on this website, know your market so you can be more critical when looking at the pro forma.

These steps can reveal potential issues upfront.You’re spot on about reserves; they’re critical for navigating situations like this.

Know how to take constructive criticism.

It is critical to know the condition and rehab costs, but buying low and doing the deal in the purchase helps with overall costs as you enter the rehab phase. 

When we changed our model, we got criticized by a lot of investors that bought into the mantra that the TK company HAS to be in the PM business too. 

Quote from @Bruce Woodruff: Lol, they can't take any criticism of their beloved Cali....But facts are facts....Hey, remember the CA people say how it's the greatest most bestest ever ever.

My experience indicates that solid due diligence upfront on the economics is the critical factor, the tax aspects often take care of themselves with only modest planning.

Regulatory oversight is critical. 

I've been setting the record straight so many times against unwarranted criticism and ignorance about the country and its state of affairs  (while acknowledging its issues) that maybe the government should make me a honorary citizen!