However, this would require you to illegally possess the home for 21 years, then try to lay claim to it.Your best option is to speak with an attorney to see if there are any other options.

I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.Details: -I have set aside $350k of expendable cash, and I'd like to leverage this.

I still plan on paying the monthly HOA required payment but I am not intending to pay thousands I had no decision-making power on.

@Riley Yourdon make sure you put in your purchase contract that you will get the leases and rent ledgers BEFORE closing so you can review them.At closing you'll want to require that you get the tenant names, phone & email.There is this thing called fraud when it comes to leases & ledgers, so discuss reps & warranties with your agent.

Also, my tax bill was super high this year since my property didn't really require any maintenance last year, and this would be a beneficial write-off as it would buy back time and ensure a quality property.

I now have a ten-page agreement and it keeps me out of a lot of hot water. 

They have a minimum revenue requirement. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

While it may seem like a simple concept, it's actually a very complex process that requires significant documentation as well as specific methodologies.

Navigating tenant relations, especially in an owner-occupied property, requires a careful and respectful approach.