A lot of good advice from the folks above.As with everyone else I am in agreement the Reserve Funds, Special Assessments, and mismanagement of association funds is the biggest financial risks.Next is the additional fees, app fees, move in/out fees, access card fees, background check fees, pet fees. 

I have tried to file in Small claims court but the SOONEST court date they can give me is MAY 2016, and I feel they will not take this court date so far away seriously and I new to recover some funds so I can complete this project and move on.

I offer a shorter term lease if it suits me- if I am trying to get the turnover date to line up with the best season- later August, or if it already doesn't turn over in August I might offer a shorter term.  

That ain't fun if you've used your money for deposit, waited 3-6 weeks for court date only to have Johnny come lately snag your deal.In my state, CA, the underlying document you would want to review to determine level of powers in referred to as Letters Testamentary.

This was one of those unexpected costs that sucked away all of the potential cashflow to date.

The home is structurally sound with no signs of mold, however the electrical is rather dated.

There are spiders in the house. several other petty issues.We finally found a next renter now he wants us sign the following before he moves out: 1. (1) That they be let out of their lease effective on their exact move out date;(2) That their deposit be returned by exact one month of their move out day.(3) That their rent be pro-rated so that they pay only through their move out date for the month,(4) That no action is taken against their credit.He asked a lawyer (not litigation yet) drafted this document to sign.

Pay by the 5th (date of payment determined by postmark) and tenant gets a $75 discount.

Then I can pay the township construction officer to do a formal inspection of the house to get a detailed list of exactly what needs to be done and then hopefully negotiate with him to have a grace period or a reduction in the fine to address them after the closing date.

My biggest challenge to date is trying to investigate which areas will be best for us to invest in.