Besides getting your revenue estimates properly, it’s important to consider all the expenses especially energy costs for keeping your guests cool, any lawn care or HOA dues, maintenance, etc.

Is there an HOA fee?

Also, not sure if this apartment has an HOA or anything, but I'd do research on that as well.

I like the Condossince they are cheaper, but HOA fees are pricey. 

To analyze a purchase, you take the annual rental income, subtract all the expected operating expenses (taxes, HOA fees, maintenance, utilities, etc.) and divide by the purchase price.

Does anyone has experience with conversion from Apartments to HOA's, and the pros and cons for doing so? 

Many cities and HOAs have outlawed or restricted short term rentals, and others are considering it. 

Our monthly mortgage + HOA comes to 2566 ($800 HOA includes property taxes + heating/hot water since this is a co-op).

But, he has 3 court cases against him (one with HOA where he sold the house, one with carpet flooring company, one with credit card company).

@Gavin D.So if it's the HOA doing the Lis Pendens, it's probably an HOA lien?