Without going into too many details about the property, I'm interested in connecting with people who deal with off market listings and investors in this geographic area. 

And.....”preREO”...just another goofy a$$ made up marketing term. 

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

Quote from @Olga Daisel: @Randall AlanI agree with Randall on getting more details, $7K gross a unit btw is a great gross income.

I have a mid-term rental in Southern California near the beach that is consistently losing money each year.

I got better terms than I could get with a bank.

I specialize in single-family homes and long-term rentals that are turn-key ready in over 10 markets.If you'd ever like to connect or have any questions about turn-key investing, I'd be happy to help!

I wanted to ask advice of some of you who have a lot of experience in long-term rentals. 

Coastal cities might give you long-term appreciation, while places like Lakeland or Ocala can deliver better cash flow right away.

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.