for the record each state has different laws. so make sure you are receiving laws for the state you are referring to

Is it a Fannie Mae thing so it would only impact us if we try to get a mortgage or is it a HOA or state law?

Talk to your attorney and strip the liabilities out of LLC to avoid the law suits that others discussed.

During your saving stage you then educate yourself on real estate, finances, state landlord laws, and investing in general.

Some cities or counties will also treat you as a landlord and you are subject to those laws as well.  

We live in CA which is a common law state if it helps.

Laws of supply and demand suggest that value should go down, but I don't spend that much time studying MFH so I'm curious to hear everyone's thoughts, particularly those syndicatiors or anyone else who deals in the 100+ units across the country. 

1) Laws of your state2) The terms of the contract you have with your management companyI can tell you anecdotally, one of my property managers had to pay a pretty large settlement recently on a property with black mold.

I actually just did a similar job, where we built an "in-law" apartment over the garage.

Research local law concerning lien priority.