The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

Negative cash flow with high HOA fees is a red flag.

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month. 

As always, make sure to run the numbers carefully and factor in local property taxes and HOA fees, which can vary widely in North Texas.Delayed gratification is key in real estate investing, but with patience, the rewards can be life-changing.Best of luck with your search

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).

Quote from @Brandon Leffler:I may sell my condos in CA as the HoA's have climbed to 400$/mo I wouldn't sell your condos solely based on HOA fees being $400/mo.

We have had rental properties where the HOA had a community pool, that was ok with me.

Attorney for HOA said it was pretty easy to find the HOA address and the county should have done more to hunt them down. 

For example, if your driveway only fits two cars, you need to know if tenants plan to bring several vehicles, as this could lead to parking violations and HOA fines.Don’t forget to screen pets, too!

You'll want the rents to at least cover the monthly principal, interest, taxes and insurance (and HOA if there is one).