With the numbers you provided above, you will have to ensure you have healthy reserves.

So, in actuality the divide between “good” PMs and “bad” ones is probably no different than any other service provider, be it real estate broker, mortgage originator, etc.The key word I has in my sentence was MAY; as in MAY be hazardous to your financial health.  I

I don't know anyone with a large number of cats that I consider mentally healthy.

So, my first caution is it would be healthy not to expect similar results on certain real property investments/deals in the current and near future cycles.That said, there are multiple considerations and clarity needed, before I would act on any investments with your equity.

I'm not rich, but I make a very healthy living and I'm around a 7 figure income.

Hopefully that upfront diligence plus a healthy contingency budget would suffice to keep me out of that scenario, otherwise I would foresee a guaranteed loss, or underperformance at the very least.

Even if a title company were to manage the setup making sure all parties are paid, the cheap debt and cash flow would not be enough to be enticing to any investor even if midterm rental could yield a healthy return. 

I am eager to learn the in's and out's of Charlotte residential real estate market as well as gain some experience flipping houses while turning a healthy profit for myself and investors. 

All of them are full and she says there is a healthy demand for more, happy to connect you to her. 

Which leads me to my final point, but not numbered.If I was you, I'd sell this property and 1031 into a non-HOA property that is attractive to own and fits #3 profile-- 1.25 DSCR + healthy reserves.