HOA's no doubt can eat up a lot of expenses, but you can still make it work like any other property. 

Add court costs on top of your lost rent for a year or more and you quickly understand why it's better to just let them move and eat the cost of finding someone else.

Patrick Philip You need to know if the original loan has any prepayment penalties (which are often 5% of the loan amount in the first year) which can eat into equity.

Also a recommendation for a decent servicing company for small loans would be helpful as the payments are not as big so fee's could eat profits easily. 

It's a huge mistake because your increased tenant turnover and turnover costs will eat up your cash flow.

In my own home, I was in the process of a refi, but after the appraisal came back at $70,000 more,  I am backing out of it and eating the appraisal fees rather than the refi fees.

Also, you get taxed as a short term capital gain which eats up a ton of profits.

They eat up TONS of CPU and memory (64-bit Windows with 4GB RAM) and often cause the browser to lock up (Google Chrome - BP doesn't work right in IE11 anymore)....although, it's been educational using Windows Task Manager and watching how long it takes all the stub processes to run down after you close Chrome...

My Personal concern would be having ample cash reserves when you are done with the rehab.  2 units will eat cash on occasion, be ready.  

Doing this 100% financing eats up a lot of any profit and if you have no experience, you would have to contract a home run or even a grand slam deal for anyone to want to do it.