If I need to evict the vehicle, I can just call the management office to block the vehicle (if the entrance has security guard) or I can call the tow truck. There is no rent control for parking. I buy parking spaces in my building and the borough administration has been drastically reducing outdoor parking spaces in the area and people now bid for parking spaces, and my yield is now 5-6% after management compared to what's ongoing for real estate around 2.5%. I also have more voting power in my building.
The cons is I won't be able to get a mortgage and I have to pay in cash, but $30k-40k is fine for me. I use a mix of HELOC and cash to finance it. The transaction cost (notary) is also a significant amount of the transaction cost.