The main problem is that most customers just look at the bottom line and mortgage loan officers know that. 

Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

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I also know I can look at ways of borrowing against that equity (HELOC for example) but I also just feel like if I take debt on that property the cashflow goes down, and then if the association also takes the loan it goes down more, and at that point I don't know why it would be a better option than selling before August. 

Assuming you go the HELOC route, another option to reduce your costs assuming you have decent credit is to look at credit card balance transfer promotions.Back in 2003-2004 I had HELOCs on my investment properties and interest rates were increasing.

Real estate has now peaked my interest and I want to buy in North Carolina and I might be open to other hot markets.

These were in the Myrtle Beach and North Myrtle Beach markets, but I believe this is a factor to consider in any market you're looking at. 

Here's a detailed guide on how to screen applicants: Application Screening Guide

Adding the 1 & 2 bed option is a great start, have you looked at pricing and dropping it further than your peers?

I can't even look at the Facebook group because it is the forums x 10.