So I get the worst of both worlds treatment. 

He gave me the same treatment.

I had to evict my first tenant and she drug it out to the last minute.

P2P income tax rates are higher, and treatment of losses is less favorable. 

Ive challenged them on this since there was not vote by the homeowners, that im aware of, and they essentially quoted as 2008 law  that says the the board can: (18) Exercise any other powers necessary and proper for the governance and operation of the association.The reason they have implemented is that there was a bad landlord that allowed a tenant to rent that eventually got busted for drugs.   

An LLC is established by state statute, for federal taxes you'll be treated as a disregarded entity (if you're the sole member) or if you have multiple members you'd be treated as a partnership, or you can elect S or C corp treatment. 

If the builder announces a new shopping center and all the area around it is vacant land then the value would likely climb but if a builder announces a water treatment plant and the area around it is residential homes then the value would likely drop. 

I offered $38K, all cash, 5 day closing, no inspection but they had to pay for termite treatment.

Should I just go into one on my own and give it the ol trial by fire treatment?

Especially if it will be worth more in a year (as long as the law suit is really only going to take a year...as I’m sure you are well aware law suits can get drug out with continuances).