If this were a long term lease (say 10 years with a 10-year renewal option) and the lease payments were at saround 90% of current year potential NOI, AND there is no deferred maintenance or capital expenditures to be done then this could be an attractive deal for both sides.

The rental units would cover our mortgage payments and some of the utilities so we would be living for "free" right off the bat, unless of course capital expenditure disaster happens, then we would be paying.

On top of that, I don't see anything for capital expenditures.

Typically, 50% of rent goes towards expenses such as property management, vacancy, repairs, capital expenditures.

Instead of the full capital cost of the property in the denominator you use your cash outlay (downpayment plus initial capital expenditures to place the asset into service).  

I would expect to have them receive the monthly emails from my property management company that detail the income and expenses for the month, including general maintenance and capital expenditures, and to create these reports with very little to no input from me.Does anyone have a recommendation for a VA that can do the above?

Specifically- repairs, capital expenditures, property management. 

Hey Tyler - "capex" is short for Capital Expenditures.

How much money should an investor put away for capital expenses each month?

I would like to know the financials of the HOA, such as actual expenditure .