The management company has replied that they don't coordinate with neighbors and just want me to cover the cost of all the repairs. 

With those, the HOA fee's usually have a big negative effect on cash flow. 

I meant 120k just to purchase the property plus renovation cost, I can even go a little higher than the 120k if the numbers make sense.

That cost me about $1,000 each time. 

You also will still need to manage your property manager  - ie, stay on top of expenses, ensuring your property is being managed effectively etc. 

in 3 years you can pay off any mortgage 500,000 or less for $1,500 bucks.. or in 5 years a $477,000 mortgage for $100..I am implementing something new for the real estate industry, primarily to mortgage holders & the rent to own industry, as a shorter-term approach to be mortgage free, without cost being an obstacle ..

2) Set up a HELOC to cover the cost?

Roll them all up and the averages are:purchase $154krenovate $47Ksell $232kThese are gross numbers, not including closing costs, borrowing costs, holding costs, licensing and permit costs, G&A, overhead, commissions, forward rate buy-downs, and lease-up fees, to name a few of the many expenses incurred. 

Cost was not as much a determining factor.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.