I recently purchased a performing first which has an outstanding HOA lien attached. 

The are is a working class area with good affordability (rent wise).There were a few other 3/1 and 3/2 duplexes in the area, and we were seeing asking rents in the $1200-1400/month, so we set our rent at $1300, given it was brand new and had several upgraded features (hardwood cabinets, granite countertop, SS appliances, wood look tile throughout, etc).  

Hi, so I'm brand-spanking new lol.

So the place has to be in decent shape, which means you pay a little more.I use the 50 percent rule, which includes PM.I do self manage, so my numbers look closer to this without the pmPercentage of gross16.5 percent for taxes and insurance5 percent for vacancy10 percent for capex10 percent for repairsright around 40 percent give or take.Which is around 280 a month in cash flow.How is your indy properties performing?

my name is Stephanie and i'm brand new to real estate investing, eager to learn how to flip properties or contracts...also may be interested in buying and rehabbing property for potential rentals, i'm close to retirement and i would love to have a real estate portfolio as a new stream of income

Many states do not even recognize such brands of management, and those that do may not offer complete asset protection as suggested. 

Sometimes landlords don't perform through background and credit checks before they decide to rent to them, so the next owner gets stuck with the problem.Perform your due diligence.

Should I just chalk it up to a lesson and smile with my 100g's or fight this cancel the contract and face specific performance which might mean still having to sell or face litigation?

Hoping to hear all feedback from anyone who has had experience, positive or negative, with purchasing non-performing notes / non-performing loans. 

He was a broker licensed in over 20 states, owned an Auction company, co-authored a real estate branding book, and operated a successful general contracting business.