The tenant likely has the right to stay in the property at the rate on the lease until the lease expires, but all rents should now come to you instead of the HOA.More than likely, the HOA lien remains in place and you are now liable for it.The receivership company that the HOA has engaged with (the HOA can't manage the property directly, usually) is likely very expensive, so you'll have to work to get them out of the picture.I'm the president of an HOA that has a unit like what you're describing.  

-how will my DTI and credit score effect the refinance?

@Ozzy Sirimsi  @Tim Youse @Joseph Abad Appreciate the tip about # of tenants in Towson, looking at the zoning laws : "After the effective date of Bill No. 124-93, a new boarding- or rooming house is not permitted next to an existing boarding- or rooming house unless permitted after a public hearing pursuant to Section 408.B."

Tenants always have the capacity to impress us with a good deed or good maintenance or maybe just not being complainers- You thank them by renewing their lease, not giving them a rent reduction.As the CPI demonstrates- every year that we do not increase our rents we are effectively giving our tenants a rent reduction, to the point that your unit is operating at a loss.

My issue is I have made the mistake of financing everything out of pocket in the form of savings and two separate personal loans that have had the detrimental effect of both raising my dti and lowering my credit score by approximately 30+ points (was 700+).

I am wondering if I should continue doing this method or should I try something that is more effective? 

Much more cost-effective and much better conversion rates. 

As long as it can be done somewhat cost effectively.

The other half the time, the engage and work me as a lead source.

Great way to engage with and meet other real estate investors in the twin cities ranging from all levels of experience.