Has anyone built a portfolio solely of townhomes? I know the pros and cons (special assessments, HOA fees, less appreciation than SFH etc.), but would appreciate (no pun intended) hearing the experience of anyone who’s done it.

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If you're going to go this route you need a lawyer to review the bylaws and restrictive covenants for the communities. I'd be worried about (1) whether rental is allowed (also be cognizant of short v long term restrictions); and (2) whether the underlying restrictive covenants give the HoA the ability to create the restriction later.

I'd also say you'll probably want to pick one community and focus on it which gives you more voting power (aka control) for the rules of that community.

It's worth pointing out that if you're financing properties it's typically a cash flow game. After mortgage a lot of "good" investment properties only CF 500-1k. If you have a 500 / month hoa than those same properties only CF 0-500 a month (all things equal).

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