Self-purchased and managed.

Managers will quit or worse.

Plus, if you self manage you could wipe much of those taxes out with depreciation. 

The analysis also reports that new multifamily development will “remain near the average recorded over the past five years”.Integra Realty Resources’ 2017 Commercial Real Estate Trends Report ranks Pittsburgh #2 on its Top Markets by Multifamily Transaction Volume Based on YoY Change.Pittsburgh’s rental vacancy rate has declined by 25% over the last five years.Pittsburgh is booming with developments (see reference #6), “there is no better place to be a developer right now than in Pittsburgh.

Regarding the HOA and CC&R's, the builder can make changes to the CC&R's pretty easily while the development is under Declarant Control.

I am planning to self manage as well and since there aren't many managers in my area I will likely employ a similar strategy once I decide to outsource the management.

If not I would suggest finding a servicer to collect and manage that note. 

After paying a competitive rate for the property management and ASSET management that the small operator does himself.  

We are out of state and have local property managers.

This means you essentially have to save buyers 3x(5k-10k) = $15k to $30k through negotiating, finding the best deals, adding value with your property management or contractor contacts, etc.Lawyers use flat fee, hourly, and contingency pay structures primarily.