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."

Thanks Bill, So what do you think about this...if I find an investor who will pay cash for the property (say 350K) and I serve as a lease holder for two years and they collect the equity after that point, (when I buy the property from them or refinance if the former was a lease purchase) could that work?

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. 

I dont know Florida, but in Georgia you've got a 7 day unilateral extension. 

So there's someone with extensive real estate experience and success involved in the business.There’s an initial cash investment into the company that would be shared equally by the 5 partners .