pros/cons buyin an apartment unit as an investment property

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what are your opinions on buying an apartment unit as an investment property in an apartment building? pros/cons. have you done it? same question for condo or townhouse.

Yes, I have done it a couple of times out of around 80 or so deals. Check the HOA out thoroughly - especially their financial health and reserves. Also the pattern of HOA dues - steady or steadily rising?

The roof, the parking lot, siding, windows and doors must be thoroughly inspected by a contractor before you share the burden of ownership. 

Ownership is usually simpler with all those shared building components but in my experience not as profitable. It is not necessarily lower risk however, due to the many liabilities with HOAs. My wife worked auditing quite a few for a CPA firm and fraud, negligence and incompetence are not uncommon from HOA.