Subdivision HOAs often have pretty low annual dues, but can still be quite severe in compliance.Condo HOAs can also be SFR, attached townhomes, or the more common perception of vertical apartment boxes.

It is the perception of an investors risk of that submarket or neighborhood. 

Let's keep learning / deviating our perceptions, and give our experience, good and bad, as knowledge to the next folks with the right mindset. 

Thats a very personal thing, what is the best way to leverage for me is going to be as uniquely different for us as is what sock is best, or what is the best topping for a burger, there is such an endless array of potential means to achieving such that the "best" way is very dependant upon the person's perception.

I wouldn't waste my time asking an open ended question like that on this forum, as you'll likely have tons of people offering up their own experiences/perceptions of their own local laws.  

People's perception - 2008 is what a lot of people consider to be a normal recession as that what they remember. 

In OH, it's largely buying on out-state perceptions of value, and hoping rent's to meet that valuation. 

A perception of a win-win is possible without sacrificing business objectives.What this looks like practically for us:Protect yourself- #1 (especially in California) make sure to insulate yourself, if things go south. 

A few months in the property is well taken care of(knock on wood), and now my perception is the tenant likes to work on cars so has a couple extra around. 

"The perception that housing is drastically undersupplied and that a strong demographic picture lies ahead is creating a false sense of security," according to a report by Zelman's firm entitled "Cradle to Grave.'