For purposes of discussion here, assume the HOA is well run, the annual operating budget is sound and the account balances for reserves are within the guidelines set forth in the most recent reserve study.  

Lastly, how did you all study for the exam?

@Andrew ElmasriBelow market rents - get the rent roll from the broker/seller and compare it to rentometer.com and your study of the market rent for that property and locationOvergrown or not maintained landscaping - easy to spotDeferred maintenance on the exterior facade - easy to spotNo online presence or marketing (word of mouth or signage only) - google search for the property...see if vacant (or not vacant) units are marketed (usually on hotpads, trulia, zillow, web site, and many other sites where landlords market.  

I've been studying all of this for about a month now and I have some very basic knowledge, and I'm looking foreword to more. 

I know as I just sat through them recently, very boring.  

@Anna GreerWelcome to BP and congratulations on jumping into the forums.The City of South Bend commissioned a study in 2013 named "An Analysis of Residential Market Potential" for  Downtown South Bend.

My classes take up the majority of my morning and early afternoon, then of course I have to spend time outside of class studying.

I made my money to buy the 8 properties in my rental portfolio, while I was working on the oil tankers because I studied how to make Money with Mutual Funds and the Market Cycle was in an Uptrend.

I'm studying for my home inspector certification and know how to do some handyman stuff so putting in sweat equity wouldn't be a problem.

Have been studying the Air Bnb market as my mother in law has inspired me.