That would include R&R's, Declarations, Bylaws, etc... the fact that you did not receive any of this communication might put them in the hot seat.

The first is the declarant which generally has a similar name as the HOA.

I believe they quoted an article out of the Declaration or not By-Laws, and it sounds like there was a deviation to the original bought off plan that encroaches on the master drainage plan.

Many threads of a similar nature already exist:http://www.biggerpockets.com/fair-market-rents.htmlhttp://www.biggerpockets.com/forums/52/topics/30215-rental-compshttp://www.biggerpockets.com/forums/52/topics/72101-how-much-the-rent-should-behttp://www.biggerpockets.com/forums/52/topics/21109-how-do-you-declare-rent-amount-http://www.biggerpockets.com/forums/52/topics/65751-how-much-rent-to-charge-http://www.biggerpockets.com/forums/52/topics/43852-how-to-estimate-what-section-8-will-pay-http://www.biggerpockets.com/forums/52/topics/6508-how-do-you-determine-fair-rental-value-for-a-property-http://www.biggerpockets.com/forums/80/topics/73624-anyone-use-rent-o-meter-to-get-idea-of-rents-in-the-area

On the other hand, if they are a "bad" tenant who is willing and able to prepay, then you have the exact same situation as if you had a "bad" tenant who paid on the 1st like clockwork: your other good tenants may still want to move away just as in the other scenario, and crossing your fingers and hoping they suddenly forget the rent one month won't change the outcome one bit - but your well-drafted leasing agreement gives you recourse for those specific situations.Fortunately for the original poster, it appears she has already made an easy decision, and has declared that it's not a good fit for her due to other reasons, so it's become unnecessary to give her additional specific advice on the matter.

@Tom Yung  @Jai Coward Sorry, guys just goofing on all the posts that have limited information yet 5 people jump in declaring how bad or good the deal is not even knowing the state location much less the needed financial information. 

I'm not sure what the property will appraise for after renovations, but I estimate in the area of $125,000 - $140,000.At that point I will be into the property for $95,000 in cash.Doing the research on traditional financing  I have discovered that I have two options (three if I declare that I am owner-occupying the property); 1.

If in fact they are recorded as individual condos, then yes, you should be able to sell them individually, if it's allowed in the condo declaration.

He went from being a billionaire to declaring bankruptcy.The lesson is be very careful with leverage, but it is through leverage that you can grow your money quickly. 

My insurance agent said the same that it had to be declared terrorism.