There is a lot of downside that can derail you our of your control- The experience and competency or the board and the management company- HOA fee increases YOY, unexpected assessments- Can have limitations on STR, LTR, ect.- The HOA fee which acts as a partial reserve for future CapEx is not something you take back with you when sell if unspent.- HOA finances: how well funded & managed.- The larger and longer established the HOA, the more stable it likely is.

The longer terms leases limit your downside, but also cap upside until a new tenant comes in or rent resets.Fixing them up generally means improving vacant units, vacancy=risk. 

The only downside I see is I'm not sure if you can stop them from making a partial payment.

Downside: much slower progress attaining real estate.

I would say I drive between 45 minutes and an hour to see most homes that I look at - one of the downsides of living in a smaller area!

We have learned a lot with our first rental and we haven't had many downsides except for maintenance, but the cashflow helps with that. 

I cannot see any downsides as the neighbors are more likely used to it and you will not be the only one on the block.

The downsides of having less geographic flexibility and higher potential costs aren't as important because our values are different. 

The only downside is now I'll have an additional 1.5 years until my loan is fully paid off. 

But, like anyplace where humans live, there are downsides as well.