Combined with increasing supply, what could this reasonably do to MF market and syndications near term, ie next 1-2 years? 

.- Can't see a Senior-Only complex allowing Short-Term-Rentals (STR).If so, SELL.2) What is the history of Association Fee increases and how well capitalized is the Association for future repairs?

He said it's standard practice that they don't want agents there.

I agree that including parking for four units on a standard lot with no alley can be tricky with the new requirements for setbacks and outdoor area, but it's not impossible. 

Also keep in mind as time goes on typically your yield will increase because of the rent growth. 

Deviations from the PLRs will significantly increase the risk to you since your transaction did not follow the PLRs exactly.Deviation from Private Letter Rulings There are a couple of areas where transactions deviate from the three (3) Private Letter Rulings discussed above.

The deduction is optimized as values increase and can potentially offset the entire net investment (including down payment) for high wage earners.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

Quote from @Paul Lucenti: Creative methods tend to increase risk.

I would be cautious buying in the saturated areas because there are so many similarly sized properties that price is becoming increasingly the deciding factor.