@Carloz Gil There are principles from two books that come to mind:Rich Dad, Poor Dad, by Robert KiosakiYour primary residence (unless you do a house hack, a lot of information about that on this website) is NOT an asset.

I totally agree, based on your objectives and fact you will not have a local PM, that trying a cash for keys approach might be the most productive. 

So just rough, back of the envelop math, you don't want your principle and interest payment on your mortgage to be more than 50% of the market rents for the property.

The objective should be 'tenant proof' for rental and 'good enough' for flips.

My real estate objectives were diversification from financial investments and cash flow.  

IMO, you best bet is to define your goals, objectives, liquidity constraints, budget and time commitment (how active or passive you'd like to be).

The next objection is how can you get under contract without a preapproval. 

If you meant to say 12 year loan with a balloon at the end, then you will most likely make monthly mortgage payments along the way which would include interest and principle pay down.You can have the private money lender wire the money directly to the title company and you can sign the promissory note that is created for the loan at the title company along with the closing docs.

Can the HOA president or other owners object for any reason?

So for the duration of your loan, you should be able to anticipate your mortgage payments and to make projections in line with our objectives.