I've built a spreadsheet with a good sample size of data and the answer is yes, it's viable.The best rental units for profitable incomes are upscale oceanfront condos with 2 or 3 bedrooms, 2 baths, updated interior, direct ocean view and in a zone and HOA that allows at least a 3-day minimum stay.

I already have a project under contract, looking for #2.In the case of an apartment complex, would the HOA be considered the Sponsor, and the capital financier would be the LP?

Is rent on top of HOA fees? 

The plan is to rent this property out in a few years, and I can get $1,700 per month allowing us to cash flow $335 (HOA fee of $200 included).

HOA fees are $350/month but there are 3 HOA's.

Everytone's situation is a little different.When you have rental income, it's taxed as passive income. it allows you to itemize depreciation and expenses related to running the rental (maintenance, HOA and property management fees).

HOA's are high, but overall seems like a good bet on the outside... 

  $495 HOA will eat  into any profit, but it also depends what HOA would cover.

Monthly payments would be ~$1,250 (~$350 HOA fees) and ~$1,300, respectively. 

Vineyard, UT. 4-plex in 2015 for $600k - It would resell for $865k- $2k of monthly cash flow after ALL expenses (PM, Taxes, HOA, Insurance, etc.)2.