There are a lot of moving parts and you're dealing in a city that has, by definition, a lower-income tenant base.It has its own challenges.

So I think the RE market in some ways is more challenging than in the dozen years leading to 2022.  

What are the challenges with this and does this make managing the property vastly more complex?

Challenges?

However, this comes with the risk that market conditions or interest rates could change, making refinancing or selling more challenging at that time.On the other hand, a conventional 30-year mortgage offers long-term stability and predictability.

Finding DSCR lenders willing to take a second position can be challenging, as many prefer the security of being in the first lien position.

Airbnb went heavily into on-platform Experiences in 2016 and realized quickly it had more challenges than expected.

Regarding the $1,275 placement fee, I don't think that's too unusual but read your PM agreement and dispute it if it's not included therein, or if it is, challenge it since it took them so long to place a tenant.  

Going off that, if I were to choose a suburban market, doing CMAs and underwriting deals seems like it'd be a challenge as there's less transaction volume.

The 1031 exchange seems daunting but it is not.