When you get in your car and drive off your driveway - you have to follow the traffic rules such as: when you come to a stop sign - you have to stop, when you come to the red light - you have to stop and wait for the green light in order to turn left, you have to drive on the right side of the road - you can't drive on the left side.

Also warn my tenants in writing not to treat the room as such (middle-of-the-road option)

I am here to warn others that read your advice, NOT TO TAKE IT!

@Angela Romero common area/basement lighting, water, city sewer requirements, lawn moving, etc

I spent three weeks there painting and light rehab.  

With the small amount of garbage in each pail, a light wind would blow it over.

But eventually they get washed out.Personally I wouldn't and don't buy any STRs in hoa areas for the basic reason that they can change the rules on you at any point without warning.

For reference I am working on a 3 family full rehab, plumbing, electrical and light framing of closets and doors. 

People will leave lights on, crank the AC and even freeze it, etc...you learn ways to control that, but be ready to work through some of those things. 

When we learned about the deal we knew the renovation would be light, and it would provide a chance to go through the process of flipping a house without doing a large renovation.