You are right you can't depend on appreciation.

I think it depends on what you want and how much money you have (and can borrow). 

It depends on the structure but I agree with you.

Once you've built up some reserves or feel like you're in a good spot, you could switch gears to MTR, especially since you're so close to a hospital.And later on, you might even mix it up between MTR and short-term rentals (STR), depending on demand.

I'm on Lane Kawaoka's e-mail list and I always think about striking out for something, but wondering if its worth it or if it can turn into a house of cards...It depends on the opportunity, the syndicator, the total amount of money involved, the amount you want to invest, how long you want to invest it for, the location of the apartment complex, the number of units involved, what your goals are.

It also matters, depending on the locality, if you live and/or work there and what type of income you are earning.

If so, would they be capped at the 60% bonus depreciation limit of the purchase year or <40% limit depending on the year they met their material participation limit?

Depends on your market

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

It depends on the state laws where the property is located.