I analyzed dozens of deals in the beginning to really nail down which areas worked and which didn't.

Everything seemed great until the HOA implemented a cap on rental properties due to complaints about absentee landlord's.

I am of the opinion that cash flow underwriting comes second, after first nailing the long term deal fundamentals, how strong is the equity upside and market generally speaking. 

Review Form 1065 yourself and decide whether you want to tackle it.The real dilemma here is that hiring a tax pro will definitely cost you, while it is unlikely to save you much (if anything).Michael nailed it on CA compliance for LLCs.

I think you nailed it- the market was reacting to the influx of jobs, which likely comes with transplants looking for housing.

Anyways, I think @Caleb Brown hit the nail on the head.

.-- But the real nail in the coffin could come in the Colorado legislature which is considering reclassifying STRs as commercial property for property tax purposes.

@Patrik KusekYou hit the nail on the head...

In the few markets where the demand and markets support this, it’s likely that the municipalities will fight you tooth and nail. 

Nailed it, the great moderation was extremely poor Keynesian economic policy.