have it go to a month to month for next sixty days then renew the lease at the higher term after that. 

So, we network and build, and then learn, based on our past experience, how to analyze more efficiently or how to shrink our buy box.

If you don't occupy the property, then you'll have to pay 20% down.

We can work on maximizing that revenue in the future.I doubt an out of state investor is going to have success BRRRR in Huntsville right now, but then again, every investor gets to define success for themselves. 

Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

If you are audit for some reason, if you then slap together a spreadsheet to record time, the auditors will know right away.

The property then appraised for 190k which was good news since we didn't overspend. 

Quote from @Jules Aton: When I did a seller finance deal years ago on what would become a long term rental I bankrolled the rehab funds then re-financed when it was finished.

Then being aware of the complexity of structuring the property correctly for long-term goals is important.

The warranty company takes its time accessing the situation, and then they tell you there is a deductible; they will only cover so much; you need to use their preferred company, and it will take three weeks.