Here's why I don't like the 1% rule...A buy-and-hold investor should think long-term. The 1% rule doesn't matter as much if you have a 5-10 year investing horizon because it does not take into account appreciation or ...

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.

I am debating the move and would like to know the downsides I might be overlooking.

.* Are there any other downsides I might not have considered with street-only parking?

The interface is user-friendly, and the reporting tools are especially helpful for tracking property performance.One downside is that it can be a bit pricey for smaller portfolios, but the features have been worth it for me.

@Caryn Fischer  The downside of gifting or selling property to your children is that it can have capital gains tax consequences.

This is a significant down side to me as a long term investor as it basically wipes out your cash flow. 

Are there any potential risks or downsides I should keep in mind before proceeding?

Downside:1.

Just say no.I would almost never do this trade unless all my downside, including potential unknowns, were completely compensated for.