If Buyer determines, in Buyer’s sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period.

There are so many "I said/he said" and angry phone calls or aggressive behaviors reported but very hard to prove if things get worse and you need to involve a lawyer.If the HOA is unrealistic, you may want to team up with other owners and make sure they don't get re-elected at the next HOA election.

From an article posted today:New Orleans’ hotly contested short-term rental (STR) debate will lead to a vote Thursday, Aug. 8 as the New Orleans City Council is scheduled to consider two ordinances that would change how STRs can operate in the city.The ordinances up for final approval include one by Councilwoman Kristin Gisleson Palmer that would create two categories of STRs — residential and commercial — by making changes to the city’s zoning ordinance.The second, by Palmer, City Council President Helena Moreno and Councilman Jay Banks would set rules for owner and operator permits and fees, as well as fines and penalties for noncompliance.

We can potentially save on those with an S election, which is an add on to an LLC. 

Sure we have a wild card president now but I hardly see that as a reason to sit there with concrete boots on.I would love to hear others opinions and possible additional experiences on this.

But only after waiting the seller out,,, sometimes 6 months or longer.45 pads x $180 lot rent a month x 12 x (expense ratio see bellow) = NOI  / cap rate = offerExpense ratio is no less than 50% for 100% park owned homes, as low as 30% for 100% lot rent and city utilities.so:45 x 180 x 12 x .7 = 68040 / 0.14 = $486k I adjusted the offer price re the high risk for lagoon and well in the cap rate offered.I'd only offer if there are NO issues at the city, county and state regulatory and those gov executive branches (elected commissioners, state reps, city mayor and board) plus of course the carreer regulators in the various inspector and permitting offices.  

Could using a LLC with a 'S Corp Election' do the same thing, probably it could.

@Timothy VanWingerdenEven if a particular unit is in service does not necessarily mean that all expenses can be currently deductible.You must then determine if the payment was a repair(currently expensed) or a capital improvement(capitalized).There are certain safe harbors/exceptions/elections that allow a capital improvement to then be currently expensed.Have you provided a detailed invoice for all repairs/improvements to your accountant?

That takes you into State Employment regulations, workman's comp and ssi withholding.If you elect to also grant an apartment as compensation, you need to verify the limitations allowed by the State.

The only way to change that is to elect SCorp or CCorp, but you don't want to do that with properties I've learned.