I'm actually moving back for two reasons, one because I missed CO and two because my wife accepted a job and since I fly all the time with my current job it doesn't really matter where I live, as long as I'm near an airport.

There will be programs for that, just like houses close to the airport, they have a quite building program that is being paid for by LAWA, I assume it will be the same, the probable issue will be the ground shakings / vibrations when rails pass.

And to further complicate things the parking lot is shared with an adjacent building (different owner). 

Now it sounds to me if you follow Kenny's teachings and secret strategy, you should be able to sit by the pool, in the airport and watch your money grow.

I've run into several issues with properties I've considered buying where land or deed restrictions would have required joining adjacent land parcels, which sparked my interest in the process. 

If you own a condo in burbank: then why not do a primary residence purchase in adjacent cities: i.e. sun valley, or azusa, glendora etc : once your property is rented out fully: you could use a portion of the rents as income and could qualify for a higher mortgage loan. 

College Park is supposedly breaking ground on Airport City this summer.

For example, in Cambirdge you must live in an adjacent unit and have the space inspected by the city.

I prefer someplace smaller (still warm) with access to an airport.

I’m acquiring an adjacent property with the intention of developing multi family buildings.