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.  

I handle several section 8 apartment unit properties so it would be a pretty simple matter to evaluate the rent rate through government support, guaranteed rent definitely helps me sleep at night (provided our president doesn't shut the government down long enough for HUD to delay rent payments).Let me know if you want to seriously run the numbers on this place presuming you have the equity to get financing on this deal (175,000 for 10% down, $87,500 for 5% down, etc).

Basically he wants to be a hands off president.

@Rene Simon I’ll be the guinea pig.

-She bizarrely rang the bell of the coop board president and invited the coop board to "tour" the apartment so she could introduce herself.  

(coupled with bad loans) 
Also if interest rates move up (which i think will happen when the new president comes in to office) that will also push down home prices, but in general now is a a great time to buy i think.

After looking at the property and walking through it with the VP, he told me if I offered $10K, he would be on my side and convince the president to go along. 

Otherwise there is no reason why you shouldn't have a copy within a few hours.You can complain to the president of the HOA, who typically would be another unit owner, about the lack of responsiveness of the management company.

Renee, I agree.

As the President and Ceo of Zues Development and Action Networking I know it's all about the relationship of your connections.