Yeah, I hate HOAs too and avoid them like the plague ... one thing I did not mention, the sweet spot for me has been houses built 1980s-1990s ... this is old enough to be dated to get a discount and typically not have HOAs, yet new enough to have modern construction techniques (no lead paint, no asbestos, modern layouts).

Diversification works to maximize equity letting you increase the number of properties you own while letting you stay in the sweet spot for your investing.  

I have found, thru a number of mathematical models I have run, that 30-70% LTV is a 'sweet spot' where rent - (piti + depreciation + expenses) = zero added tax.  

ergo this is why I think the HML who lend at about 18 to 20% apr have a tight rein on PDX fix and flip market... although we know banks are the best... 1 and 6 makes the deals sweet LOL.. but hard to do since it takes them 30 to 45 days to perform.. so you need cash to buy then back fill..

Sweet!!!

Which is worth $500k now and paid sweet dividends ie cash-flow (not reinvested and not really even taxed) along the way?   

Sweet!

So it really does not affect me and my wife is a top producer who focus's on owner occ in that sweet spot of 500k here.. she does 12 to 17 million a year.. so wholesalers we really never run into them.. 

At current rates even just sticking it in a completely liquid money market account would net $10k a year which would buy a pretty sweet vacation.

For my money a solid 5% when things are declining is very sweet.