I typically stay away from HOA’s there unpredictable and you have to watch out for special assessments for their capex projects.

Keep watching the market and listen to BP podcasts!

Watch for extra fees associated with monthly or other smaller, periodic payments.8.

Pitfalls to watch out for...

This is where you get the disconnects of "Hey, my time is worth way more than $30 an hour, I could be making infinity per hour doing deals" except that there's a reasonably good chance that time spent not working on the business is instead spent watching "Dancing with the Starts", to use a @Brandon Turner favorite.

I watched as people purchased lottery tickets by the dozens.

You can plot the curve and watch what happens,  especially when PMI goes away.

I noticed that you are a new member as of this month, and I totally recommend that you watch as many of the house hacking podcasts as you can, and read as many bigger pockets books as possible.

In fact, let me preface with a quick list of pro's and cons for a multi-family as compared to a single family.Pros:Proportionally lower taxes/insuranceEase of management(locationwise)Lower roof capital expendituresHigher rent to price ratioRarely fully vacant - can reno-rotate tooLow price volatilityCons:May pay minimum management fees due to lower unit rentsGreater potential for delinquency/damage(Much) higher HVAC capital expendituresLow price appreciationOverall, it's a somewhat bizarre phenomenon to me to watch the money rushing into multis. 

I've recently started listening to local podcasts in the markets I'm watching because they will talk about new tax laws, new companies coming in and bringing jobs and other relevant trends.