. #1: There's no reason for you to stress yourself out as Owner/Manager about a tenant who refuses to follow your procedures, when you can simply replace this individual with a better-quality tenant. #2: (This is the kicker)...

You avoid a lot of stress with a double close if done properly. 

It sounds like a lot of work and, while painful and stressful...probably better in the long run for my long term buy and hold investment needs. 

There are far easier and less stressful investments. 

On the other hand, I stressed that when I sold all these properties (I've bought and sold over 900 properties for my personal inventory) that I'd be bring them in to the company. 

I cannot stress enough how important it is that this is YOUR house and YOU rent it as YOU like, do NOT let the tenants dictate what you are to do with it!!  

Can't stress enough how these types of deals are fostered and based on your banker going to bat for you at loan committee.And especially in todays lending world.. both of the commercial banks I use one in Oregon and one in Charleston  they are very upfront with the fact that they are not looking for just anyone.. they want to take the known performers and super size them...

I have owned one home w/ an HOA and found it to be the most stressful part of owning that particular property. 

Don't quit the benefits outweigh the stresses. 

You could do it for short term rental too.You might get a great long term quiet tenant that would be less stress than people coming to town to party every weekend.