From simple rules like permits to outright bans so that is a huge risk IMHO.

Want to give you kudos for using a servicer as there are very strict rules to follow to comply.

Tax on Appreciation is deferred and can be put off indefinitely with current rules.  

The problem is the equal or greater value rule with 1031.

Unfortunately most lack the balance sheet to obtain favorable financing, can't afford to put any skin in the game and fail to make a compelling reason for why the investment makes sense or to justify the structure they are seeking.

If you do not have those it will extremely hard to ever sell it to someone who will require bank/lender financing or refinance it down the road if you want to pull out cash on the ARV or future equity.The other rule of thumb is that you buy it New and that it was never on another property or location, simple built onsite or trailered in from warehouse. 

Several district courts have denied requests to enjoin the CTA, ruling in favor of the Department of the Treasury.

Good catch.But the main page refers to yesterday’s ruling.  

Bylaws, if your tenants don't abide by the rules it becomes your problem. 5.

The localities cannot be more restrictive than the state rules.