I have spoken to my neighbours but they do not know who the HOA board members are ( it is a large complex with 100 + townhouses).It is very strange but it has not proved to be a problem in the past as the management company deal with the properties externally ( eg painting ) and the common parts and have always done so competently and individual oners deal with the inside of the properties.They are now proceeding with the painting without doing anything about the termites.

But are more complex and expensive.If the market is fairly balanced you should be able to sell those in such a way that you can make a consolidation excnange work for you.  

Keep in mind a few things - many major markets currently have a glut of multifamily projects so you may be competing with large apartment complexes with amenities offering incentives in a competitive market. 

I'm curious, what complex did you buy at?

While it can be beneficial for spreading tax liability and estate planning, DSTs are complex, costly, and subject to IRS scrutiny, requiring precise implementation.

There’s no harm in making some quick profit and reinvesting.If you're thinking long-term and are okay with the more complex refinance and buy-out process, BRRRR can build your portfolio, but just be sure the cash flow and potential appreciation make it worth the hassle.

I am aware of California's Prop 13+58+19 prop tax inheritance evolution and its complexities with LLCs but we are not considering inheritance or parent->child gifting etc.

Complexity in Management: Managing multiple properties as collateral can complicate financial situations, especially if one property is underperforming or requires significant repairs.3.

There are valid reasons for having complex corporate structures, but unfortunately, some lawyers and professionals push unnecessarily complex setups on clients.

Just more complexity and costs, especially if you ever refinance.