I am all for landlords creating some small hurdles for tenants to avoid the time wasters but that is to large of a hurdle.

So the only value proposition you bring is you found the deal and will marshal it but you have no skin in the game other than time.. that is the hurdle you need to over come.Personally since I am the person your looking for I would not do this for someone who is knew.So to that end I would be looking for a equity partner FIRST.. get some deals and experience then you can go fishing for gap.. you can show them your done deals and your success's. and you will have some capital to put in even if its nominal.so this Gap theme is just soup de jour for I have no money and trying to do no money down 100% leveraged deals.

Trying to get through all the hurdles to closing was a complete nightmare.  

I would give a quick all the local building dept and talk with them on what you want to do and see what hurdles they want you to jump through and meet. 

Do you guys think a monthly cash flow of $1,000+ is unreasonable for here in the valley?

She would be at work and no one should be home.Here is the KY Statuate:383.615 Access. (1) A tenant shall not unreasonably withhold consent to the landlord to enter into the dwelling unit in order to inspect the premises, make necessary or agreed repairs, decorations, alterations, or improvements, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workmen, or contractors. (2) A landlord may enter the dwelling unit without consent of the tenant in case of emergency. (3) A landlord shall not abuse the right of access or use it to harass the tenant.

That will get me over my first hurdle.1.  

What you really have to watch out for is the HOA's attorney tacking on unreasonable fees for representing the HOA.  

If $600.00 is simply for the Articles of Organization without any other document then it seems a bit unreasonable to me.  

So, those are two hurdles before I even start looking at any properties....