Part of considering acquiring a property should include additional possibilities.

I go to their properties once a month and there is only one property that has seen any progress in the last 3 months.

The lender just records the warranty deed and is the owner of the property.  

Quote from @Brandon Bell: I've owned a property for four years with a standard fixed-rate mortgage, and now I'm looking to convert it into a rental.

But now you could refi, draw out your initial investment and the property would cash flow.

Let's cut to the chase:  "A tenant is obligated to follow HOA rules, as they are considered residents of the community and must abide by the same restrictions as homeowners, even though they do not own the property; the landlord is responsible for ensuring their tenants understand and comply with the HOA rules. 

Part of the equation is how much equity can be drawn from your property as well, this would also be a question for your lender.4.

I also own over 15 properties in these two zip codes. 

If you are investing out of state, then do you already have a good property manager lined up? 

Can any investors in the Indianapolis market  please help by referring me to an agent they have used to buy properties that they were satisfied with?