With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Low vacancy rates, rising rents, and high tenant demand for more space/good school districts. 

Since then, we have been dedicating our time to learning as much as possible—reading extensively, analyzing potential deals, and listening to BiggerPockets podcasts.After careful consideration, we decided to sell our current home and rent instead, allowing us greater flexibility as we begin our real estate investment journey.

The won't insure you or they will jack up the price considerably. 

They are pretty unique conversions, it does take considerable time, effort and money!

AirDNA shows it on the rise in terms of annual revenue, occupancy rate, average daily rate and revpar, with about 3,000 total listings.

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

.- Does anyone see any flaws or can offer some improvements/considerations to the financing strategy of this plan? 

Here are a few innovative strategies that have been game-changers for my portfolio:- Co-Living Spaces: With affordability concerns rising, co-living setups are attracting young professionals and students.

Is there something I'm not taking into consideration?