There are restrictions based on how much you make.- Unemployment assistance - A $300 federal increase to weekly jobless payments and extending two key pandemic unemployment benefits programs until 9/6.- State and local aid: The legislation provides $350 billion to states, local governments, territories and tribes.- Tax credits: The bill increases the child tax credit from $2,000 to $3,600 for each child under 6 and $3,000 for each child under age 18.That’s just a start.It’s not law yet though.How is everyone else handling all of these changes and tax updates? 

Any thoughts or worries on the new Fannie Mae restrictions for investment and second home properties ?

The HOA will have control over that and the level of control that they have, can range from, they don't allow rentals at all, to, they allow rentals, but only allow you to do it for a few consecutive years at a time, or they may have no restrictions at all. 

While you signed a document at closing stating you intended to occupy for 12 months, there is no deed restrictions that prohibit selling the property.

Sounds like a no brainer, however, I’m understanding, from all the responses, that in some cities or counties, there might be restrictions that make it a tad bit more difficult to use this strategy.

Most people start with an FHA loan as it allows you to put 3.5% down but then there are restrictions to certain properties.

Add in steep hoa and possible hoa restrictions. for those who have made investments in either location, what do I need to consider besides profitability that may be a deal breaker?

Even if you technically can defer $5000 in taxes (after 1031 fees) by doing an exchange, maybe that isn't enough compensation to offset those limitations imposed on your choices.

If you remember, prices dropped at a steep 4.4% annual rate in March thru May last year as the COVID-19 and related restrictions hit our economy.

There were many employers who imposed what ended up being very short term pay cuts defensively, and/or out of precaution.