I know HOA's have a lot of power on choosing what they enforce and let pass, as well as what rules they adopt, but it still makes me uneasy, as I could and up sitting on a house that I have to sell with high transaction costs if they adopt such a ban or cap.

Based on that I choose buy and hold and am currently working to build my portfolio. 

If you plan to live in the building, knowing what part of town will fit your wants/needs will greatly narrow things down and allow you to focus on the right properties and choose one that works for you.I've been investing in Louisville for several years now and would be happy to answer any specific area related questions you may have via PM.

They are the primary selling features and should really pop.4) Do scout the competition before you choose the finishes for your house.

I agree PM is the most important element for success no matter what market you choose.  

hahahaPoints taken Ben.But I am in a position where I have to 1031 forward gains from the sale of a CA 4 plex (closes tomorrow), so I have to choose from the "value add" local properties available and negotiate for the best Value Add deal that I can find.I hate/do not believe in property management companies, so I guess I will spend the next 10-15 years "working in" my business instead of "working on" my business. 

Choose criteria and provide them to your prospective tenant.  

THEN, based in their current situation, they can choose option A (list retail) or option B (go with my offer). 

---------------------------------------------------I buy 200K and my clients buys 10-100K, they think I am crazy bc we are in the same "market" why do I choose to buy 200K+?

How do you go about choosing your properties if you don't live in the same area?