There is less privacy for your tenants with a condo as opposed to a single, or even multifamily property. As a result, you will most likely be able to hear your neighbors and they will be able to hear you. Since a condo is not a detached residence, your tenants will also be around their neighbors more than they may necessarily want. HOA fees are also generally required to cover the maintenance of amenities for the building. Depending on where the condo is located, these fees can be quite high and can increase your monthly costs. The HOA can also establish rules such as not allowing pets, or making changes to your unit without approval.