My 1st was in 1985 until last June I owned and operated the #1 PM company in Indianapolis.

They operate under multiple names - Summit Capital, Bayview Build, Off-Market Properties, and many others. 

Rent out a unit and live for the remaining year, likely paying oop for a portion of debt service or operating expenses• Holding costs have been recouped, then save remaining funds, after my oop costs, for remainder of the year or until desired saving fund reached7.

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

Whatever you do, if you do partner, get a solid operating agreement signed that lays everything out. 

Then - once you're stabilized around 90% occupancy - re enter the markets to secure quotes from Freddie / Fannie / HUD / life companies / banks / credit unions.If it's an acquisition perhaps you put short term debt on the property, re-position the asset, then refinance after you're turned the operation around.

Always interested in something that can improve operations.

The lease agreement may also address it, and to the extent the lease provision complies with and does not contradict state law, you will need to follow the lease provision.

Several reasons: market rates, cost of operations, risks of the tenant in particular, rental history, turnover potential, loss of rent during turnover period, "hot" or "cold" market, etc.

An attorney can create an operating agreement for you and give you ideas on what to include in your operating agreement.Loans will probably be personally guaranteed, so it doesn't matter if it's in an LLC.