No disadvantage to using your own buyer's agent, and as a first timer well, "you don't know, what you don't know".

Carl,HUD has many disadvantages: 1.

In a competitive market, NACA can be a serious disadvantage. 

We have Real Estate Excise Taxes here in Seattle of 1.78% of the purchase price (not profit, but purchase price) so churning properties is pretty severely tax-disadvantaged.

There definitely are many advantages and a few disadvantages as well but very worthy of further discussion.It's curious to see that both a mortgage and the government run 401k's are designed to keep you from having access to your own equity/money.

I stopped claiming RE Professional, there's IRS/tax disadvantages if you get audited being RE Pro.   

Disadvantages?

You refer to historical problems, however there are currently racist laws that disciminate and disadvantage people based on the color of their skin.  

I forgot to include, has anyone encountered advantages/disadvantages to purchasing apartments/condos versus single family homes for rentals?  

I guess the thing these three cities have in common is they are further out than many investors want to go, so you get some advantage there (i.e. less competition) and also some disadvantage (i.e.