I personally don't like the idea of HOAs and how in any moment that can not only go up in price dramatically, but you could suddenly be told you can no longer rent out your unit. 

When used prudently, they can boost your investment career, if you make a mistake and you are over leveraged, it can drop you into a deep hole.

If you’re open to doing medium-term (30+ day rentals), this is a great strategy as well and it will broaden your search area dramatically (inventory is extremely tight here currently).

If 2500/mo for a 1/1 is dramatically cheaper than either a mortgage or rent in a similar apartment in the area, that's about the only way I see this deal making sense.  

Grand Junction has historically experienced dramatic boom/bust economic cycles.

If the permit doesn't go through (and you don't start before it goes through) it will have a snowball effect that can derrail the entire flip (yes  I am beeing a wee bit dramatic.. but trust me it does screw things up), and now, you have a snowball effect delay across the entire project, which will cause contractors to bail, find other projects, costing you mor emoney having to find contractors that can do it on the spot when you are finally ready  while adding up holding costs etc. etc.ISafety margins become more manageable when you gian more experience, but it is something very important to have.

With MTR, however, I don’t believe the pool of potential customers can grow as dramatically, even with increased awareness.

You'll need  to evict 10-30% of them to get a good solid tenant base.C) You /Your inspector missed a something during due diligence like bad septic tanks/sewer pipes, old trees that need to come down, some legislation that causes you to replace safety equipment, a bad parking area with a spring under it, a leaky roof, a bad boiler.D) A recession hits and your occupancy/rents drop.E) Some utilities are being owner paid boosting expenses past 50%.Again in the interest of keeping things simple let's say one of the above five things drives your NOI DOWN to $40k for the first two years so instead of making $10k each year for the first two years you lose $10k each year.

When you post on social, a very small percentage of your fans actually see your post - unless of course you pay to boost it.Here's an interesting article that explains it.

Battery storage (think Tesla's solar wall) will dramatically drop in price and allow a neighborhood solar farm / or multi-fam roof solar to collect and store enough energy for all the local needs.