I would intimate at the next Board meeting that I had far more money, and resolve, than they did, and they would simply be wasting their HOA money if they tried to fight me on this, because I would bleed them for a year and then sell the property after it was all over.

Take the course (in person or online if its offered) and then practice the end of chapter tests until your eyes bleed. 

This way you increase the chances you can weather a storm if the market crashes without bleeding from the pockets or having to liquidate the property in a none desirable fashion.

Seems like the property is not a rental type based on the numbers you provided (it is but not a good one others mentioned this too... it might bleed if you take equity out).

Doesn't mean they're making money, just means they're not bleeding as bad.How are you going to finance this new purchase?

Good for you and not so good for the newbie if they're bleeding cash.

If they allow the 50% for expenses, they will not didscover that the new house is mysteriously bleeding them to death and not understand why.My experience, over decades, is that expenses average out close to the 50%.

We moved to florida from western NC and bought a house while still trying to sell our old house in NC...Well, it isnt selling.We have been paying both mortgages for several months now, and are bleeding money every month.It is too expensive, we cannot afford to continue doing this.So, we are entertaining lease options.We got an offer of 900 month rent, with 3500 down on 18month term.Our mortgage is 1600 a month as we paid 240K for the house only a couple of years ago.So this will not nearly cover our monthly expenses.

Hopefully this will help stop the bleeding but we have a long way to go.

I agree that these things are just bleeding us dry.