It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

That said there are some nuances and requirements to property implement interest tracing so ensure you talk to your tax professional ahead of time and keep the funds movement as clean as possible. 

It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

If you think about the time it takes you to clean up and repair.

I forged ahead, moved into the house and used credit cards to partially improve the property before they maxed out. 

We’ve just finished our 2025 planning meetings for our six largest projects, and it’s been an interesting process. In terms of feedback from our team, we’re leaning towards buttoning down the hatches, keeping rent inc...

In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

I know that's not a huge cash flow, and any repairs could make me break even.

It's another form of DIY/ sweat equity, just as folks learn basic construction/ home repair skills to save thousands.

Best of luck—sounds like an exciting journey ahead!