I would still own the original home and be collecting $3500/month in rent.

$300 maintenance reserve.  10% fee on rents collected.  

Attorneys can also be compensated through fees collected at acquisition or disposition of a property.Escrow Officer or Title Rep-- the person responsible for closing the deal - taking me from "the offer" to "the keys."

Maybe with a hard money lender, but I do believe the bank will require Proof of funds. 

I personally prefer to rehab my properties before I rent, that way I collect more rent and I am able to refinance for more.

We can buy a 2/1 or 3/2 and do minor rehab for $70,000 or less (all cash) and collect $900/month in rent.

That's not the case across the board and it may simply be an issue where the association isn't aggressive enough in collecting past due balances but I've found that not to be the case most of the time.  

I recently received a notice from them saying pay the bill or it'll go to collections. 

In 1998 I did a deal that played out like so:1- I had my agent find me a property in a so-so neighborhood for 32K.2- I offered 18K with $50 down; It was accepted.3- I asked the seller for the zoning certification and proof of title (I knew that my end buyer would request the same from me).4- My contract with the original seller stated that I would pay the balance in 30 days.5- I found a cash buyer in 12 days. 

what is the purpose of a 'proof of funds' letter, when is it asked for and under what conditions is it issued?