Typically the HOA owns the common areas -- the land, the land improvements, the exterior of buildings, the roof, the patios, etc -- and the homeowners own the interior only (i.e.

Hi Mindy, There is nothing that says that you can't occupy the home as long as it's in a qualifying zone and you substantially improve the property.

@Aubrey P.if you already own the land then you cannot exchange into improvements on it. 

I agree you need to find a way to increase your income, whether that be through a second job, starting a business or improving your skill set to land a more lucrative position.Doing a FHA 3.5% down house hack might be a great starting point for your family.

(With some improvement rent could maybe go higher)Basic utilities are covered by the landlord (electric and gas).

In my opinion starting with a house hack is the most efficient path forward.

If you're still working on getting the feel for putting comps together yourself, there's a lot of ways to improve - BP webinars, local REIA's, books, etc.

You now have near or absolute control of the association and can implement rules / regulations that improve the property / community.

First of all, thank you Bigger Pockets for such a wonderful website to connect and learn from professionals in such an efficient manner!

We do plan to raise rents once we make some improvements.