Doesn't sound like there's an HOA to bail you out here.

Very doable if you don’t have an HOA or have one that will allow this.

(vacancy, maintenance, capital expenses) Any chance any of these have HOA fees?

Your expenses will be the HOA fee, insurance, property taxes and mortgage payments.If you bought a 2 bedroom unit for $340K, you will be paid monthly $340K X .1 = $34K/12 = $2833.$480 (HOA-includes utilities) + $150 (Insurance) + $500 (property taxes) = $1130If you borrowed 75% of $340K = $255K, your mortgage payments will be ~$1145/month at 3.5% over 30 years.$2833 - $1130 - $1145 = $558 cash flow/month with nothing being put in reserve for future repairs and replacementsThen, when the 2 years are up, you have to allow them to manage it, and your split with them will be 65/35.Your breakeven rental income/month based on the above will be about $2500 (putting aside ~$225/month as reserves)Based on that your unit will have to generate at least ~$3900/month in income to break even from a cash flow standpoint.I think I am close on the numbers above, and I don't think I missed something (but it's possible!). 

I did have a few rental inquiries from 3 unrelated tenants for my 3 bed townhome and had to tell them that I couldn't rent to them per the regulations and it was apparent they had already been renting together in Denver so obviously, not all landlords adhere to that but I had to per the HOA especially.

Set the professional tone by making sure everything is in writing and get them a copy of the signed lease (and addenda, and HOA regulations) right away so they can pull it out if they have any questions.

I ran my calculations on it and if I purchase it and put 20% down, I'm looking at a $167 a month cashflow after factoring in taxes, mortgage, HOA fee and costs that vary.

It's only been one year since I've purchased the property, and I learned the lesson about a condo and HOA.

Hi All,This is my first property as condo and I have a tenant placed, I am receiving multiple violation letters from HOA board.

Ideally, looking for 2/3BRs up to mid 400s in B- to B+ neighborhoods (No HOA).Also, I'm aware that the taxes are much more in Maryland, but not sure of much beyond that.