For the first 4 months of ownership we only received the tenant portion of rents which amounted to a little less than half of the full monthly rents.

You may still need to be receiving any utility bills that you're responsible for either only during vacancies or at all times.

This same school gives them prison quality food, with less time outside than a convict receives.

@Kenneth A feldman ii if it matters for anything, if you are renting that property already then the max you can receive with a Fannie/Freddie loan will be 75%. 

The sponsor received: - An Acquisition fee (1% of purchase price)- An asset management fee (2% of gross collected rents),  - Cash flow and gain on sale was split 80/20, respectively between investors and sponsors. 

Call center is around $200 per month and its based on calls received. 

I would like to connect with investors  in the area and receive some guidance through this.

And I received a 22$ check at closing.

@Mike H. keep in mind the reason for the "no renting" rule in the HOA is the occupants perception that rentals will decrease their value or will not receive proper upkeep.

@Chris Sukala If this is a foreclosure auction with the county you will be receiving a Certificate of Title which should be sufficient to prove you are the new owners.