SoCal - Buy and Hold Condos?

[Ian Schwartz]

Hi all, newbie here.

Since I live in SoCal, I am very familiar with the incredibly high cost of entry to the market here.  I was wondering if people have considered purchasing individual (not the full complex) condos or townhomes for a rental portfolio?  What were the reasons you did/did not go that route? 

I am aware that there would be HoA elements to this approach but am wondering if this is an lower entrance opportunity to this market.  This is really a sudden thought I had having owned a condo of my own in the past and was wondering if it was something that could be leveraged.  Am I missing a big obstacle or law that makes this not a good option?

I would definitely appreciate your thoughts and feedback!

Thank you in advance.