Jonathan,
It seems like an okay deal. I would make sure you have plenty of reserves for unexpected expenses. I would look very closely at the CCRs to make sure that they can't limit the ability for you to rent the unit down the road and if they do to make sure you are "grandfathered in" so you would still have the right to rent your unit and only future owners would not have the ability to rent their unit. Years ago I had a town home as a rental unit and the HOA tried to disallow rental units in the complex. Look closely at the the HOA are they in any lawsuits? or special assessments? Do they have a healthy reserve? Are the other owners paying and current to their dues? How other units in the 8-unit complex renting their units out. Some lenders will not loan to you if the % is too high in rentals in the complex.
Also in your lease make sure to put in an adendem or clause that if a HOA violation occurs that the tenant will be responsible for paying the violation. For example parking a car in a guest spot etc. Some HOA's get a powertrip and go a little unreasonable in accessing fines.
I hope this helps and good luck!
