It is very important to have a solid team and strategy in place, because you’re taking on a lot more risk than a typical rent ready purchase.

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

Typical maintenance and capex, no real disasters. 

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

Some DSCR lender may jump on here and say they do them but I don't like their terms typically.

Also DSCR typically has pre payment penalty while hard money does not. 

., equipment) are excluded from 1031 treatment and are taxed separately—goodwill is typically taxed as a capital gain, while equipment may be subject to depreciation recapture taxed as ordinary income.To minimize taxes on the sale of the business, consider strategies such as Opportunity Zone investments, which defer gains until 2026 if proceeds are reinvested in a Qualified Opportunity Fund (QOF), or structuring the sale as an installment agreement to spread taxable income over multiple years.

Both investments can offer tax benefits, but real estate typically has the edge.

Typically, most cities allow for 30 day minimum rentals.

Conventional lenders typically require a 6-month seasoning period from purchase before they’ll consider the appraised value for a cash-out refinance.