I am located in FL and am not sure of the requirements necessary if we keep it as a single lot regarding forming an HOA, maintenance of the common grounds etc. 

Lastly, don't overlook any local regulations or HOA restrictions if any.

I bought a condo in Lincoln Park, it is rented, but I already don't like dealing with an HOA, lol! 

You'll need to consider local Hotel Occ Tax to determine what you'll pay each month, and if the city/HOA is becoming more favorable or hostile towards STRs.

You have the area experience and data to help you, but courthouse steps auctions are blind bidding (other than what you can find through the windows), all cash, 10 percent down at the time of close, and not always clear on all of the liens associated with the house (tax liens, HOA liens, utility liens, etc.). 

Purchase price: $163,400 Cash invested: $25,000 Sale price: $240,000A buy&flip project on a Single Family House10K - Flooring, Trims and baseboards8K - Interior Painting3k - Updated water heater, and gas permit2k - Other minor fix, ceiling fan, windows, light bulb, new fridge, and more2k - Holding cost, HOA, and other related utility feesTotal cost of repair - $25k

What I have learned very quickly owning these properties is that you can make these work on paper to convert them into rentals when you do your analysis today, but HOA increases are unexpected and completely out of your control.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Hi Brianna, one thing to be aware of is properties with HOA's there may be rental restrictions.