Also any one got a reliable contractor that is FHA approved? 

Take into account: Accounting, Advertising, Cleaning, Insurance, Lawn/Snow, Legal Fees, Maintenance, Cap Exp, Utilities, Taxes.  

There are 2 that we have that limited the section 8 program and need board approval before they are placed. 

I'm told a petition has been put together for those who would like to advocate against the one-STR per legal lot limit (I believe @Robin Searle knows more). 

I am engaged to beautiful women from Bogota Colombia we are waiting for her visa approval hopefully within the next few months.

If so did IRS approve?

First off, I echo what @Chai Xiong said above--make sure it's legal before you start.

Think about all the "what ifs" that could go right or wrong, and figure out how you want the business legally structured. 

Keep in mind if one entity owns more than 10% of units the condo is no longer Fannie approved and buyers and sellers will have a more difficult time trading there which could hurt sales prices somewhat.

Most HOAs are required to get a professional financial audit and file a tax return each year and then there may be legal fees to collect back dues from people who aren't paying.There is a LOT that goes on behind the scenes in an HOA.