doing a quick rental search nearby, looks the going rent for a 2 or 3 bed is between $1.35-$1.41 per SF.

But when I quickly run the numbers it doesn’t add up.

He knows EVERYONE:)quick check they are NMLS licensed and state licensed so good on that end.. when they come to Oregon they will need to get state licensed here.. and in WA no license required.. you see a lot of lenders say they loan in NV but many are not licensed there..

Quote from @Rich Thomas: You should have received documentation about the HOA board when you purchased.

It gives you the flexibility to get started quickly and stay on track without the red tape.

Given your questioning, it sounds like you might have put a deposit way too quickly on that property.

You can quickly see how they operate and understand who is professional and who is not.

You want to be able to get rid of a tenant who is causing problems in the home asap as it can quickly create a hostile environment for the other 4 people living there where now you have all 5 people contemplating wanting to move. 

Also, if you goal is to continue scaling, a real estate CPA could be a great resource for accounting and tools like DSCR loans can help your grow quickly, especially for cash-flowing properties. 

It’s quick, clean, and you can reinvest that cash into another deal.