To me, that helps cut down a little bit on your Capital Expenditures (although technically that is what your HOA fees go toward). 

As most everyone has said, take into account the deferred maintenance and as many other expenditures and you can find and build that into your price and cash flow.

Spoke one local lender and he informed me that all Fannie Mae / Freddie Mac loans now require full (1) year of ownership in order to refinance existing capital expenditures.

I quite enjoy what I do, but I am attempting to use real-estate as a secondary income or at the very least reducing my monthly expenditures. 

For more accurate picture of expenses you need to look at property taxes, vacancy, capital expenditure, utilities, Property Mgmt, Insurance, repairs, pest control, lawn care etc.

In order to give you more feedback I need to know: TaxesVacancy rate for your areaProperty Management % (Even if you're are doing this yourself it is still good to add it in just in case you decide to scale up or you might not be able to do it some day)Capital Expenditures.

As for maintenance and vacancies and capital expenditures I already have conservative numbers being taken out of the expenses monthly to cover the cost later on while having money set aside when I buy the house of 4 months of expenses (including the mortgage).

Aside from the major capital expenditures that I would escrow for, I have reservations about a few legal intricacies. 

So stats...Started investing back in April and here's where I'm at:Bought 100 bandit signs as my first expenditure from which I received about 40 leads.

(Not counting some capex expenditures to make the house more tenant-friendly...like adding a back door that doesn't require going through the standup crawlspace.