The operating agreement usually includes percentage of interests, allocation of profits and losses, member's rights and responsibilities and other provisions.Obtain Licenses and Permits.

Usually it's a percentage of rent collected every month.

We signed a contract with them, they explained what info they needed for each claim (it is a lot of paperwork, copies of rental agreement and damages, any photos), they chase the people and give us a percentage of anything they collect.  

@Aaron XieHi AaronA large percentage of renters own pets, and saying no to them in effect eliminates a large pool of potential clients.  

Does anyone know the redemption period, frequency of auction or percentage on return for any of these states?

Typically, the bank only covers 6 months, but you'd have to check via title search or with the HOA board.If you're able to hold it for a year, refinaince and get cash back, this could definitely be a home run since you'd essentially have most of your initial investment back and then after refi, your cash flow would be $479/mo +/-  assuming HOA fees don't increase too much.One last question: does the HOA docs restrict using the condo (or a percentage of the complex's condos) as rentals?

You're showing that you're committed enough to put up the money and time to get a license (not that much if you consider it entry into a new career) and since brokers get a percentage of your commission they are actively recruiting. 

Not to mention, you'd be giving up the years put into the 30 year mortgage while you were living there.Also owner occupied gives you some of the best financing available in terms of rate and down payment, so wouldn't hurt to keep a property like that as a rental.Overall, looking at it from a yield perspective, the less total cash into a deal that still has positive cashflow, the higher the percentage of yield.

Then I'd knock off a healthy percentage of that value since it's completely vacant.

Is there a rule say implement the 50% rule (save half of cash flow) up to a certain percentage of the properties value?