@Daniel @Daniel Highsmith the "gotcha" could be the general financial stability of the HOA.

As an owner-occupant, you may get homestead exemptions and/or others.Again, your financial professional will be your best resource.

I hope you'll learn a ton of stuff and work toward your financial freedom.

The parties involved have extremely limited financial resources and are looking to do it themselves.Thanks in advance,Grace

Given the shift in education's environment (especially in my state) I recognize now the importance of multiple streams of revenue and financial independence.

Of course speak with a good, well known financial advisor you can trust.

My goal is to diversify my income away from my W-2 career and eventually become financially independent one day.

I like the extra monthly cash flow, but it certainly isn't enough to claim "financial freedom".

I hope you will find a realtor that specializes in investors and REOs asap that will show you on MLS the props that are availableIm not in the business as you know, but I know several props that already have tenants in place and investors that bought 6 +years ago are ready to sell...those are easy deals to run the projections on.Before you take any more time thinking about all thepossibilities...go ahead and get your loan qualifications done/ financing letter of approval Because you will have heartbreak if you find an incredible deal and you are not prepared to jump on it.( There sure are incredible deals even today in South charlotte but only for those investors prepared to take action.)  

That said, you should speak with a lawyer about what actions you can take at this point.