I know about HOA fees and alot of condos/town homes only alow a certain amount of renters, but on the flip side i think my CAP EX would not be as much because im not responsible for the roof, snow removal, yard keeping. any thoughts would help, thanks. 

Be sure to discuss who will pay for what ex: repairs, etc.

I usually allocated $300+ per month for Cap Ex and I used it all.  

By the time I pay the property manager 10% there's about 400+ cash flow a month, not counting for vacancies or major cap ex (which would be taken care of initially with new roof, hvac, and water heater, flooring, etc).

My ex and I sold our primary residence in mid December, and I have been renting ever since.  

That's ok so long as you have a solid plan for when you have a cap ex. 

My thoughts If I Keep: I could keep the property and rent it out for around $4,000 it looks like and would make approx $1400/mn before expenses/Cap Ex, assuming I manage it myself.

Get a LLC, finance it through a LLC and treat the LLC as if it was your ex wife.

My goal is to actually live in the property and house hack 2 rooms while continuing to homeschool my children (ex and I are no longer together so living next door would be a very ideal scenario while raising the kids) once the repairs are done. 

And on top of that (and to make a long story short) my ex-wife stole more than $800k from me when we split and we are in a nasty child custody case which costs a crap load of money.