@Greg Blasso , the downsides are huge and the upsides are small. 

I personally prefer to invest in those areas as I feel the upside by far more than outweighs the downsides of the tenant friendly regulations.

That are the benefits and downsides of each of these markets, states, and surrounding areas?

The downside is a high delinquent tax balance and a steeply sloped property. 

If Section 8 pays 1000 and the tenant pays $50 there is not a lot of downside to you on the rent.  

v=YhZ-Woj4m5c&t=2sThe only downside to their sheet is they are a bit conservative on their capex % compared to most of the analysis examples done by @Brandon Turner on BiggerPockets tutorials/webinars (They use 5% for capex while Brandon uses 8-10%).https://www.youtube.com/watch?

Kay Kim One of the biggest downsides to condo's is the HOA dues which can increase dramatically especially if you have a poorly managed  HOA.

The downside for the partner is that, with an arrangement like that, if the project doesn’t make any money they’d also share in the loss. 

The downside is, often with very long term tenants, you cannot even incrementally bump rent, at least in the stories I hear.  

Scotty, I see no downside to this deal as long as your repairs are below 12,500.