I'm out of the Phoenix Az area, and one thing I've noticed is how ridiculous rent has become.

Did you notice this already doesn’t apply to government backed loans?

I found 3 last week off of matching water shut off notices against inventory not receiving mail... it's just you have to DIG with pain points) Today you have to be able to model everything around what the different cities are doing for housing plans......

If your tenants are on month to month leases, then you can give notice and start changing over the leases to your terms. 

Bona Fide leases need to be done at market value and at arm's length, and usually need to be done without notice of divesture (the landlord can't make a new lease with the knowledge that he won't be the one enforcing it because he's losing ownership). 

It looks like you take a cash flow loss in the beginning, but potential for appreciation and loan amortization make it possibly attractive in the long-term, if market growth persists. 

I understand stuff happens, so I had my pm speak with her and let her know if this continues I will have to file a notice to pay or quite . she wrote me a check this month, come to find out the funds were never in her account and her checked bounced!

You could also pretend someone on the HOA board is requesting you deal with it before sending a violation notice, but then you have no recourse if they don't listen.

I wanted to see if there are RE investors in that area that can provide some insight on the area and perhaps maybe give some advice on things that I may not notice due to being out of state

Nothing worse than a bedroom that was clearly a garage and every buyer can notice from the street.Good luck!