We get a lot of remote workers, traveling nurses, business people who need a place on a temporary term.One thing to find out, though, is whether your condo's HOA has any restrictions on rental periods.

So we recently purchased a townhome in Raleigh (2004 built) for 132K (all cash) and it is currently on rent for about $975/month and hoa is about $100.

As long as you purchase a condo with a STR friendly HOA and have a decent PM system while you are away, Miami is a great market for this. 

If you researched and knew all of the local Condo and townhome communities, their HOA cost and what it includes, the amenities etc..

The HOA initially denied her.

She says the Waikoloa Village Association is currently taking steps to write their own code in the CCRs to disallow hosted STVRs, which also lends credibility to the idea that the county itself is not enforcing against hosted rentals currently (if the county was restricting them, there would be no need for the HOA to write their own code). 

@Jeffrey Kay First off, make sure that you will be able to short-term rental - many municipalities and stratas (HOAs) have been restricting them.

Don't forget to check for unusually expenses like HOA, trash or utilities if the units don't have separate meters. 

Rents would be difficult to come by to cover both mortgage and hoa(not even factoring in any other costs), and if we sold for what an identical unit across the hall listed for we might walk away with a small pile of cash to start investing.

Like @Tim Herman said touch base with the HOA to see what the rental caps are or confirm they are even allowed.