However, 2 4-plexes are slaves to comps so in a correction, you'd lose value.

Judging how the rents are $475/month, I'm also guessing this is either a C/D area or a very small town, which may contribute to higher tenant turnover, higher lease-up times, higher possibility of missed payments, evictions, etcRepairs at 5% also seems low, especially if I'm correct about the tenant quality/neighborhood this is in.

Good points made here but I want to correct @Russell Gronsky on one thing.

I am wondering if anyone out here has purchased a property using this method. 

So if I am reading correct they will also manage the property but it seems that's not included with the HOA fee, it'd just be an extra cost.Knowing all this I'd definitely say this property won't cashflow.

But I don't believe it's going to be at all similar to 2008 and I'm personally not waiting for some massive correction to buy more properties.

This is a strategy to hide what you have done, not a legal method of circumventing the clause.

Now I am doing this by hand (figure its good to get the practice) but no property that I know of (correct me if I am wrong) will rent for 3-6k a month (using the 1 or 2% rule to screen properties).

What you can control is the deal you get on your investment and making sure you get a deal that still is a good deal even in a correction.

Going forward, all payments, maintenance requests, and correspondence should be sent to the address listed at the top of this letter.And then below that it lists other payment methods, how to submit maintenance requests, etc.