They eat away at your profit, and they often control what you can and can't do with your property (depending on what type of property you are buying into).Also, know your exit strategy.  

Just hard to eat that cost.

Even though rent keeps going up, inflation, taxes, and other expenses eat most of those rent increases. 

It can eat into cash flow without warning and that's one reason some investors don't like HOAs or condo associations. 

Property taxes in El Paso are really high (~2.8-3%) and with home values going up, this would result in higher taxes eating into my monthly mortgage/cash flow.  

Furthermore, run your numbers to determine if the expense of installing laminated flooring will eat into your ROI significantly.

If you are just sitting on it, inflation will eat that up.

Could cash out refi but my original loan is 3% and if I cash out the max to get another property my monthly payment would increase and eat up the cash flow to potentially just a breakeven point.Would love others thoughts.

Eat in kitchen.

You have to be OK with someone eating your chips and not take it personally ;) 5.)