For instance: A 4/3 SFH in Aurora (No HOA) for $275K renting for $2200 would register .08% on the 2% test and around -7$ on the 50% test.

Pick your realtor wisely, avoid HOAs like the plague moving forward (when it comes to investments because of rules & regulations and lots of red tape).

However, when I have paid the houses I own in full, there will not be HOA to pay, HOA are likely to go up over time and you are still going to pay it when you have paid off your loan. 

It's not close to the 1% rule and HOA fee is killing you. 

This property doesn't hit the 1% rule and has an HOA.

You could also call the hoa president with questions...not suggesting instead of an attorney if you don't understand the by laws. 

A condo says an "HOA", are dues current, did they already claim it?

I steer clear of properties with HOAs.

I found out in doing some more research on this property (and the other 3 in the same neighborhood) that the HOA requires 'owner-occupied' only.

I think in our HOA though, unfortunately, they won't allow it - every unit I've observed in our community has the same exact front door.As far as when to rehab, if we were to do the flooring and painting, is that something we ought to consider doing *after* renting it out?