Condos don't appreciate at the same rate as single family homes, and you are always a newly elected board away from STRs getting banned in your building. 

These homes are what most people picture as “home” and lend themselves well to coliving strategies.

And I wonder if CCR or HOA can restrict these to protect the values of those homes ? 

Stuart we aren't talking about 100 year old homes in C/D neighborhoods. 

If I were in your shoes, I’d focus on house hacking in Phoenix by exploring multi-family properties or using the BRRRR strategy with undervalued single-family homes.

What is bad is having the gurus collect money from armies of inexperienced, unknowledgeable and under capitalized wanna be investors who then seduce desperate home sellers (who have no idea what they’ve agreed to) into selling their homes without understanding the consequences.  

However, my debt to income ratio with that home loan, and student loan doesn't look that great currently and I don’t have much for a down payment.

When I spoke with a real estate professional, she said the home would probably sell for around $250k in its current condition.

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

When we found this deal the community had around 45 homes in it, now we are close to 60 total homes and looking to bring that number up to around 80.