I've heard of many people in the military purchasing homes where they are stationed and after their career is up they have a portfolio of properties that helps support them in retirement.

Shall I just ask her to send the bylaws and HOA rules or shall I ask her to order the resale package to send me?

Of course, you need to first check with the rules and laws that govern your responsibilities as a landlord.  

Afaik they are just coming out with rules etc so maybe not much is known yet....

I know many investors want to see the 2% rule, but in this area, I'm not sure that is reasonable unless my first property was one in desperate need of rehab.

All the rules might be very location specific. 

I won't rule out all housing involving HOAs as obviously there's always potential for good deals, but definitely will be extra cautious of them in terms of what rules certain states abide by in regards to them and how those terms can affect the deal.   

I do have a binder with house rules and some specifics to the house.  

Rents are $450 and $475, I think market would support $500.

In the Ultimate Beginner’s Guide, they talk about the 50% rule.