If the numbers on the house are workable, telling them how your numbers work is a fair thing to do especially as they asked you. 

Might be workable.  

Thanks @Aaron Howell seems like a workable solution

Traveling nurses, etc.It's good to know that cash flow is workable in the Denver area.

When he balks, explain that reaching an working agreement is far better, and less costly for all, than incorporating an HOA, and that you are trying to avoid a trip to that station .... which may become the only (un)workable resolution if he continues not to participate.If he believes you are serious about forcing an HOA upon him, he may budge before you waste any real time or money.

What makes it workable (maybe) is you not spending $1400/year on rent.I prob wouldn't.

Have you tried talking to him, looking at the situation from his point of view, and using your adult conflict resolution skills to reach an imperfect but workable solution?

I think trying to make that work could potentially cause problems and may not be workable.

I want to maximize profit on it but I feel like I'm not creative or knowledgeable enough to come up with something workable with the pretty empty pockets I have at the moment, so hoping someone has some unique ideas. 

Certainly a a workable strategy, but there is no downside to working hard, (as well as smart).