The HOA Manager licensing law goes into effect July 1.Expect little reform for HOA home owners.Property managers (PM) will be greeted with new fees, higher operating costs, and costly licensing requirements.This Law illustrates what happens when the industry trade group for PMs (Community Association Institute (CAI)) writes the law and uses it to promote its’ financial interests. 

regulation-a-plus-reform-rules/cae

The one downside is no doorside parking, however the city put in a new parking garage literally steps across the street so parking would not be an issue.The building I've been investigating is 11 stories, has 4 or 5 owners not paying their share of electric, maintenance fees etc, and all floors have different owners except one owner owns 2 floors which happen to be for sale -- I've noticed the owner (of the 2 floors for sale) recently had posts up trying to lease the office space - (crappy ad) and I've also noticed he tried to auction the floors (sale didnt go through) and he's also had liens filed on him by the condo association for not paying his share of the bills.My thought was to find an outside investor or do this myself (floors could be had cheap) build an alliance with the floor owners who are paying their share and wrestle control from the non conforming owners, then reform the structure of the ownership of the building where it could be sold in whole again, hence creating value.I'm very familiar with the building and know my city backwards and forwards, connections etc - think this building has had some horrendous marketing done for the office space, (no website, brokers in town not wanting to steer clients to this building etc)   I definitely think this place could be turned around and once you pay the specials off (about $39k per floor) rents of $7-9 a sq ft (full service) would cash flow nicely - not to mention the upside one has if partnering with the other owners and changing the ownership structure.Maintenance wise I believe one big complaint is the elevators (2 of them plus a freight elevator I believe) -- One sounds like it needs serious work.  

Tax reform has increased interest and taxes as well as capping the mortgage deduction related to buying property.2. 

Also with the potential passing of the Property Tax Reform and Relief Act of 2019, authored by Bettencourt (R-Houston) this could be less of a concern.

One other important thing to note is that the more money you add to the upleg (including financed money) will be added to your basis.The 1031 not applying to "1245 (personal property)" is not as clear cut as Scott put it.The recent tax reform, ruled that 1031 exchanges can apply only to real property, to exclude personal property.

Charge you every time simple maintenance is reformed?

Google/ social media to find if there are any groups that are for HOA Reform and rights. 

Now maybe they are reformed and I honestly hope they are, but that's not someone I could ever trust with my money.Caleb is also right that there will be issues, but that's true even if you invest locally. 

Don't let the lure of future appreciation and the promise of tax benefits persuade you to purchase a marginal cash flow property or even a negative cash flow property because appreciatiion may disappear as market conditions change and tax benefits are subject to the whims of Congress in the guise of tax reform.