Investing in strict HOA

[Juan Carlos Castillo]

Looking at buying my first piece of property and finally found a condo I like in a great location, under budget but the HOA is stringent on rentals (all leases must be approved by HOA, approval process seems lengthy and min credit score is 700 FICO) should this be a deterrent for me in terms of buying this as rental property? Also everything I'm seeing in my area doesn't seem to produce any cash flow at the end of the month, does this mean it's a bad investment? Like I'm calculating to spend $1500 month between mortgage insurances and HOA but think if I rent it I'll probably only be making $1250 a month.