@Robert Sepulveda@Aleks Gifford Interesting but opposing views.

What it allows is the owners right to non renew on a monthly bases as opposed to the end of a lease term.

Regarding your question on putting a down payment on a couple properties as opposed to buying one property, that really is up to you and what you're comfortable with. 

I have a similar property for about the same price (Includes Two Parking Spots) but the HOA fee is $702 / Month (CAM, Exterior Building Maintenance, Heat, Lawn Care, Management, Master Insurance Policy, Reserve Funds, Sewer, Snow Removal, Trash Removal, Water) - Is this HOA fee too expensive even though it includes all those amenities? 

It also seems to me that if I'm in the position to be able to make a bigger investment up front we will see a larger cash flow in a shorter amount of time as opposed to just buying a duplex, triplex, or quadplex. amirite or no?

In addition, I think you would be prohibited from advertising the space as a bedroom unless there is an easily accessible fire exit from the bedroom itself (ie. large window with dry well that a person could crawl out or an exterior door). 

Definitely go through the seller, the HOA has to deal with them, as opposed to just blowing you off.  

- if there are Grand Rapidians reading this, do you know what areas of town (we are more interested in the suburbs or GR as opposed to the heart of downtown) are best to have buy and holds in? 

It also seems that a lot of these associations take care of the exterior maintenance which makes things easier. 

I am philosophically opposed to the 30 year loan, as I see it as a rip off.