Market research, local expertise, networking, property management, financial planning, potential legal and tax ramifications, risk management, and long-term vision are important factors to take into account.

If it used to be your primary residence and you've only recently moved out (ie it was your home for 2 or 3 (I forget the number) of the last 5 years), and the price has gone up since you bought it, sell it, avoid capital gains and decide what to do with the money.  

What are the tax ramifications of deciding not to rent a rental property and just leave it empty?

A reference for me to keep track and make the year end tax paperwork easier. 

@Nicole TuffarelliI am aware of a few groups that can usually utilize funds from an IRA to help purchase new homes at reduced leverage (usually capped at 70% LTV).It might be more beneficial from a tax-standpoint as well to do it that way instead of drawing it all out.

Also property taxes were incredibly cheap at $500 / year (expected to go up in about 3 yrs). 

This would fit very well into my long term strategy of growing my LTR portfolio while still providing big tax benefits against my W2 income. 

I understand the tax foreclosure and bank foreclosure before the REO but the HOA had me confused.

If you aren't a Real Estate Professional, I am not sure adding more to your portfolio, with the main intention being tax reduction, is the best option.

I'm open to living in a pretty small space, but would hope to avoid the worst parts of town to start our journey.