Short sale to an investor who can generate a nice ROI before it's done in 26 years4. 4-5 other investors who want to share the unit and these expenses for the next 26 years.Expenses:Mortgage: $1600HOA: $450 per mo- includes exterior landscaping and lighting, maintenance for 3 pools/spas, tennis courts, security gates, private streets, sidewalks)Land Lease: $170 per moThe HOA (Waverly Park) recently passed a ruling for no vacation rentals under 30 days, however, my attorney suggests that should only apply to new owners and not me as that was not the rule when I purchased.

., and @Robert Herrera - you guys might be interested in this site: http://www.map-testing.com/.You might also enjoy this (or at least I hope it's entertaining and informative): https://www.biggerpockets.com/blogs/7413/46957-the...

There was also a great point above, as landlords we can easily just pass this on to the tenants and make it their problem!

Find out what their criteria is.Typically they require an appraisal ordered through the bank that shows you have passed the 20% threshold and that you've had the loan for a certain amount of time.Read over your loan docs and or contact your loan officer for help.

@Kalpesh Patel it used to be possible to do the scenario you described where the C Buyer's funds are "passed through" escrow and used to pay off the A Seller.

It should pass the inspection for FHA.

As for you doing the work you would have to pass that with the lender.

I plan to offer $75,000 for it with a $5,000 earnest check and offer to pay half the closing costs with contingency of passing inspection to my satisfaction and getting my loan approved.  

However in other markets you just pass on the roommates and wait for a family when you have a vacancy.

I'd say pass on it.