I would be worried about covenants that say no renting, short term more long term and, I avoid hoas because of this, make sure the hoa is well funded but for a property that large I have no idea what the magic number would be.

It is HOA run and has lots of specific costs associated with new construction.

Subtract HOA fees; utilities; trash; lawn care. 

This is exactly why I'm trying to connect with the right people who know the different zoning laws/restrictions / sometimes HOA's also would impact certain properties as Ive recently learned (there was even one area where apparently only 55+ aged residents were allowed to own..) 

Unfortunately there is a Pending litigation on the HOA due to an owner of one of the other condos suing HOA for a roof leak.

Buying a condo you have HOA, condo approval requirements, etc. 

If you have troublesome tenants, bother other owners, the HOA can impose fines on you.

.$700k + $12k closingall 1br/1ba.all currently rented between $750-$850/modescribed as all units "in great condition with recent updates"Rent income = $131k/yrExpenses = $54k (HOA, taxes, insurance, utilities)avg ~ $50k/unit.

We're not sure if the best move would be to sell our current place to buy a property that we could live in for a year and then rent, or to somehow just buy another property.Since we only put 5% down on our condo, our total monthly incl tax, insurance, HOA is $2246.

After the COA/HOA fees get taken into account it's tough to make money with an entry level condo there.