We plan to rent it out, as an STR, while we are not there.

I've never heard from anyone who's happy with their HOAs, especially the people who sit on the HOA boards.Unless you love landlording, then sell and cash out while you can. 

Or if you need to hire a kid to stand out in front of their office warning their clients that they’re losing tax forms and not telling people. 

Look up ideal existing performing properties, your "hero's" as it were, find out who own's it, and reach out to them. 

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

I live in one unit and I rent the other out. 

Check with the municipality where construction is being done to get their take on the development.

Starting out?

they will be able to give you the best advice as they will have much more information than we do. i believe that in a specific year, passive losses are phased out over $150K as you noted, but they are just suspended. 

Hey Bigger Pockets, I’ve decided to get out of my analysis paralysis and actually jump into real estate investing- focusing initially on wholesaling.