I am guessing that much of it will apply to Arizona as well, but I can't say for certain.There are 2 active business models that I am seeing frequently in Indianapolis.Pre 1940 homes in gentrifying areas.

@Todd CohenYeah in that case I would find an agent that wants to park there license and send them around to request an audience with the HOA Boards at their next meeting.

There are town homes that are frequently for sale in Flagstaff that have this restriction that have been sold and re-sold many times but always with the same restrictions. 

Also, I suggest if you are getting frequent charges, to enquire whether or not the tenant is being charged for things that are broken due to their negligence. 

I frequently visit these two in Austin>>https://www.meetup.com/HomesForTheWin/ and also https://www.meetup.com/Investor-Underground/.

I am a frequent visitor but have not posted yet.  

If you are here frequently, it may make sense to have a 2nd residence here.

It is also sometimes a pain in the butt trying to rehab a unit in a high rise since you need to reserve elevators frequently for contractors to use to throw away trash, bring in deliveries, transport supplies, etc. and the doormen get annoyed.

I'm not precisely the full time, median income target audience but you'll be happy to know I got a lot out of it nonetheless and I've recommended it (along with "Your Money or Your Life") to a few other people, I think they complement each other well.At this point, I think my basic plan is to find a solid deal (SF or MF), pay cash (to be able to move faster and keep acquisition costs lower), BRRRR it (using the delayed financing exception, which I learned about right here on BP) and then do it again and again, essentially "recycling" that same capital over and over again while building more cash flow each time.

Or maybe I'll get inspired with enough audience requests haha. it involves a raccoon, an eviction, a 3-month closing, crackheads, a snowstorm, and about 5,000 lbs of garbage!