As I look to increase my knowledge bank I am hoping to learn from as many individuals as possible on how to be creative in real estate. 

Hey BP Community,I am currently seeking some advice and experience from individuals who have been in a situation like myself to better understand so I can decide the most logical and strategic decision.My partner has a 1031 Exchange for X amount.

If you do end up staying for a total of 2 years in it as your personal residence and then sell it, you can keep all your profit tax free (its up to 250 for an individual 500 couple but you already stated your profit margin) 5.

When board members go rogue they open up the HOA to legal action and if their violation is egregious enough then their Errors & Omissions insurance may not cover and they can be sued as individuals.

I consistently hear that the rich tax savvy individuals buy property and equipment in the businesses name.

Travis,How well do you know this individual? 

In other words, the individual wants to purchase an STR but doesn't want to manage it at all.  

To make sure I understand, it's for people who don't have a lot of time during standard working hours or individuals looking to test a market.

CONS: HOA fees can be hefty, you can be individually assessed if there is a large repair in the complex and they don't have the money in the budget to repair. 

Read lots of books, listen to tons of podcasts, read blogs & forums, go to your local Real Estate Investor groups, network with other like-minded individuals, find a mentor, and don't over-analyze.