Most of the HOA in our area (Jersey shore) have some type of restriction to limit rentals. 

If I remember right, there limitations were: no pre 1950 buildings, no houses converted to duplexes, minimum 100K of value and 50K loan.

After you get big enough you should consider establishing a family limited partnership with your existing business entity as the General Partner.

I do know they took a ton of applications at north of $50 per person. 

and  minimizes the cost/time limits of the 1031 process.  

While I personally rely on this position, please note that I am not an attorney, the foregoing is my opinion, and the laws applicable in your State should be reviewed.I welcome replies from those with a different understanding of the law, or from states with notably different law.

Hi everyone, I'm evaluating an opportunity to participated in a syndication for a mid-sized apartment complex as a limited partner. 

I do wonder what the statue of limitations would be on this issue.

Or am I looking for something I can buy for cash under the limit of my heloc? 

Depending on what you are targeting you may even be able to work with a bank to have funding up to a specific limit available.Next you need to start networking with agents and other real estate investors in the area you want to invest in.