Additionally, the cost to create a business here is not as inexpensive as the United States, in some cases it can cost thousands of dollars to setup. 

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

Obviously need to check zoning and set up costs etc. 

Insurance-  replacement costs.  

.- You’re still responsible for a $500 gap each month.Add in maintenance, unexpected expenses, and vacancies, and your costs can climb even higher.

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

Why would you do anything that effectively pays you less than that?

This can be very expensive and is usually the worst choice because you can't justify the cost.2.

.: Cost of risk scenario.