You are missing my point on taxes.Scenario 1:  Your partner buys the house at the same time you put your cash in.  

I have enough liquid money for the down payment for the hard money lender, but that'll leave me with zero cash for closing costs, realtor fees, etc.

I'd keep the rental and by no means refinance it to take cash out. 

I own the two homes next door and rent them for 1425 and 1350/month plus utilities.  3% annual appreciation.I would be putting 20-25% down on these and would be cash out refi-ing from some other properties for the down payment or possibly paying cash for deal #3+4. 

Today poor means negative cash flow.  

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.

Are you cash flowing the property?

The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

I know I can't have it all but looking for a stable appreciating with some cash flow and a turnkey SFH.

They had exhibited the desire to pay down debt and had cashed out the parks before us that had agreed to owner finance.