Take into consideration that when the person you gifted the property to will have special tax considerations as well 

Typically they would require your numbers up front, rehab with a schedule of "draws".

Since then, we have been dedicating our time to learning as much as possible—reading extensively, analyzing potential deals, and listening to BiggerPockets podcasts.After careful consideration, we decided to sell our current home and rent instead, allowing us greater flexibility as we begin our real estate investment journey.

(theccd.org)Challenges and Considerations*Sustainability of Gro: Rapid expansion, driven by venture capital, has posed challenges for some co-living companies, leading to concerns about the sustainability of such growth trajectories.fortune.com](https://fortune.com/2024/06/10/common-living-coliving-apartments-housing-shortage/?

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

Is this something I should take in consideration? 

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Have you added your home to any of the insurance databases for consideration to help displaced homeowners get temporary housing?

You can probably spend much less time touring and learning new things than you would in an otherwise unfamiliar market: laws, neighborhoods, tax considerations, etc.Scenario 2: Stay in Place & Buy an Out-of-State Multi-Family Property1. 

We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc.