If there is some significant value ad that you completed to the property, take a deeper look into the assessments and extra values that the appraiser may or may not have given your property.

I have helped dozens of other members purchase STR here.

It seems most of the HOA's have figured out the insurance issues from the past couple of years and have leveled out their HOA fees and insurance assessments.

However, section 4.2 seems to be in reference to what the normal HOA assessments will be used for:"Section 4.2 Purpose of the Assessments.

There's < 2 months of seasoning for the purchase, cash into the deal is ~$975k w/o rehab (minimal planned so far - turnkey), purchased the property for 35-40% below assessed value, 825+ FICO, and would optimally like to pull out $975K-$1.15M of equity.Main scenarios we've thought of to accomplish this are: 1) structure sale of property from SMLLC to self and secure 30-year new purchase financing on deal (unsure if legal and tax implications if above initial cost basis)2) delayed financing (LTV restrictions a concern)3) cash out refi (seasoning concerns)4) DSCR (seasoning and rate competitiveness concerns)5) one of the above plus a HELOC, personal loan, etc.?

I do understand wanting the highest rent to purchase price ratio, and I would assess markets based on that, if that is the route you are going.  

Unfortunately, not all HOA communities experience increased home values due to poor management, local market conditions, and special assessments for unexpected expenses can lead to dissatisfaction among residents. 

We have a few dozen resort communities that are built specifically to be STR and you won't have to worry about zoning or regulations or even HOA cutting you out.It is a very competitive market with so many units, so you do have to be a good operator and have a clean, attractive, well located and themed out home to stand out and perform well. 

Your question was clearly rhetorical but I'll answer it as if it were sincere: Of the two dozen or so deals we've invested in together as a club, two have had capital calls.

I paid not much more than the assessed value of the LAND!