I would avoid purchasing investment rental property that lies under an HOA as much as possible.

I would advise out of state investing, but the success lies in the team that you have set up for you on the grounds. 

I too believe she is taking me for a ride, I just want to have documentation, she is the kind that will take me to court and if I don't have documentation and lie, I don't want to lose after the money I will dish out. 

@David Siegel just to clarify did you speak to their current landlord or previous one.Because the current landlord may be lying to you to get them out of his unit.Also check if your state rules.I personally would not accept an year payment upfront .Because you are putting you head in their armpit.Now they have more leverage above you.

Numbers don't lie so it will either pencil out or it will not.

This is another example of how thinking in percentages, instead of dollars, will lie to you.Based on where you want to end up, I would suggest you look into either buying on a Lease Option or forming an LLC and buying from someone that has 100% equity and using a different form of seller financing. 

How you work this out and arrange it with the seller is always the concern and many do it by lying to the seller stating "their partners need to see it" or some other BS story.5.

Cash Flow and appreciation are the sexy ones, but the most powerful incentives are those that lie below the surface.

It's filled with absolute lies.

Or do you think property managers wouldn't lie about these things?