Lessons Learned:I know I will hit this hurdle. 90 day FHA rule.

As Wayne and Harjeet said, if you do have an FHA loan outstanding and are forced to move, you would be exempt from the rule and allowed to obtain an additional FHA loan. 

They probably prefer having residents paying HOA dues.What are the "rules" for these HOA owned homes?

All the rules and responsibilities should be very explicitly listed in the operating agreement.

There's been a lot of attention recently on a few landlords who were gaming the system and the City's aldermen are cracking down on abuses, but I think that those landlords are more the exception than the rule. 

@Sophie Lavet These types of rules vary by state so you will want to check your local laws to be sure.

Its 1.12 on 2% rule now at asking price.

I would expect there's a reason you could buy a property that hits the 2% rule. 

@Eric SchraderTo learn about the prohibited transaction rules, please see the following. https://www.irs.gov/retirement-plans/plan-particip...

The price-to-rent ratio’s are also not the most favorable making it hard to hit certain criteria, like the 1% rule.