Potential HOA. 5.

Just remember that the lender will calc the "profit" of the rental on 75% of the rent schedule, then subject the various costs (e.g principal, interest, insurance, hoa if any).Does that sort of help?

Condo, with lower HOAs, is probably easier to handle, especially being out of state.

(Repairs and Maintenance, Vacancy, Capital Expenditures, Management Fees, Electricity, Gas, Water and Sewer, HOA Fees, Garbage)Thank you again team for the help, and I hope to maybe one day work with you.Luis Ramirez.

My logic tells me that as a rental property I would be able to use the rental income (paid by my spouse and myself) to obviously pay the mortgage but still take advantage of being able to classify some investment rental expenses such as the depreciation, HOA fees, maintenance, repairs, mortgage interest, property taxes, etc while at the same time we rent our current home that is 100% paid and use that rental income to help pay the 'rent' of the new investment property that we are renting to ourselves. 

The property taxes there are high ($4000 a year, HOA is about $3000). 

Your condo HOA does not have one? 

My logic tells me that as a rental property I would be able to use the rental income (paid by my spouse and myself) to obviously pay the rental property mortgage but still take advantage of being able to classify some investment/rental expenses such as the depreciation, HOA fees, maintenance, repairs, mortgage interest, property taxes, etc while at the same time we rent our current home that is 100% paid for and use that rental income to help pay the 'rent' of the new investment property that we are renting to ourselves. 

One attractive thing about selling is that this community is due for a major special assessment in the next 3-5 years and the HOA fees are already high and increasing 15-20% per year. 

I have been prequalified for an FHA loan up to 200k with no HOA.