Your Board's #1 Job is to maintain, protect, and preserve your project.While it does vary by State, in general, an Association should have a reserve funding plan that identifies every common and limited common element, it's baseline cost, remaining life, and amount of funds set aside for it (separate from your daily operating budget).

The neighbors are all cool with us since we don't have daily/weekly turnover. 

I'm the operations manager for a company with those holdings, and use Appfolio daily in that role.

Setting budget is great but tracking it daily on an app like mint or every dollar to help you see where you are going over is going to be best.

Regardless, I would specify "Quiet Hours 10 PM - 8 AM Daily" to keep peace in the neighborhood, and absolutely require a separate "Personal Guaranty" from a LOCAL manager of the company for rent and damages (with the appropriate ID and background check, of course).

Nathan practices that daily :pDefinitely a skylight leak just from the look and nature of it.

(In my previous 20 year business, I dealt with consumer credit from 400-800 on a daily basis, literally dealt with CEOs and trailer park residents on same day - so I like to just give a look to the applications).    

I would suggest talking to a local broker in your area as the market is changing daily with these interest rate hikes  You may want to sell the property to the tenant via seller financing given todays high interest rates.  

I hear it and see it daily:"We won't consider a property with HOA dues." or "I would never buy a property with an HOA."

Stay educated, continue to educate your clients, continue to market yourself, don’t watch the news, study the market daily if not weekly, connect with trusted lenders who can keep you informed and offer creative financing options for your clients.