Up until now they have been model tenants that were properly screened.

A lot of water damage to the entire subfloor, the bathtub was tiled, but not sealed properly and black mold was around almost all of the grout.

That can amount to a significant out of pocket if you don't properly insure it. 

@Wayne Brooks, well for one I think that it is not being properly managed, as mentioned there are several foreclosures on the properties within the HOA. 

If they don't corporate then you need to get a judgement and start proper collection procedures.  

In Houston proper, I got good returns from a SFH in Independence Heights, but also felt like I needed my AK any time I went to check on the property, so YMMV.

If you believe that the pool is located inside the footprint of any possible future structure or addition, it would be wise to go through the local building department and get it demo’ed and re-compacted properly.

All that being said, I think for a scenario like this in which you were interested in putting in a offer,  I would not rely on the 50% rule to determine expenses and do a line by line item expense analysis based on historicals (from a T12 provided by owner) and the "proper" expense base.

So you could utilize this for your existing property, not taking on any extra payments if it is structured properly.

Do any consulting services exist that teach you how to properly flip homes?