I'm not super familiar with the details of an HOA, I've just been under one, so I'm sure someone else could give a more detailed rely if you want to know how to set it up. 

The information contained in this post is not to be relied upon.

Of course if I could rely on all young guests being as good as you :-), I would amend my opinion.

There are lots of HMLs out there, but it's good to have a few you can rely on for your projects...This is all coming from an experienced, real-life lender 

Looking at their track record is always a good idea, but in my opinion nothing can beat relying on the experience of other investors who you know, like and trust!

Your financial freedom plan might need some tweaking if it relies on such a repayment scheme. 

If anything I lean towards R2R's model in preference, because one doing things "in-house, is still generally just contracting things, which is doing similar isn't it, relying on vendors for the various aspect's, and only as good as those vendors.

Properties up here do not appreciate much but the you can rely on monthly cash flow.

Make sure you run your scenario by your lender, instead of just relying on your interpretation from HUD's web site.

It seems like your investment strategy relies, at least in part, on your ignorance of just how bad those Ohio tenants are going to be..