Im closing escrow on my first home purchase that I will be living in for a couple of years while I rehab it before I rent it out and move on to the next property, as I want to buy and hold.

If their pictures also includes an orange jumpsuit or stripes, and they are holding a number, I would probably pass:)

Insurance is going to be your main issue, as it is costly and having been on three boards, we were risk averse to changing it or losing it as I recall insurers bringing up details from bbq to pets, etc. and when you have a claim, really it seemed a struggle, and if they can get out of paying they will..even got dropped once...Maybe have the master policy professionally examined to see what is allowed and, worst case, explore if you can get legal help to work out a mechanism to hold the association harmless (be it your own policy, plus umbrella, and maybe indemnify the association for any claim)....some great advice here and some firms may be more willing to write the policy.

Hey guys, I'm interested in looking in KC for investment opportunities for buy and hold SFR and multi-family. 

I'd actually have fun, but I'm sure it would take so long that the holding costs would wipe out any profit.

The balls in my court now, and the only thing holding me back is I am afraid I can't manage another 48 units, full time job and most importantly, be a great dad and husband. 

I'd hold off, or set your price low enough that you'd have to go for it.  

I sent him a PM suggesting that HML would not be in his best interest for buy and hold and suggested conventional financing.

With portfolio lenders, you'll generally be required to hold the loan in a business entity, with a personal guarantee.If you're working with a private lender ("investor money"), why would that investor be taking out a loan? 

I am also located in Philly, looking into investing in Buy and Hold particularly multifamily units.I am sure you will connect with the right person (people) here and as you know it's an awesome place to learnCheers!