When a hypothetical comes up, you should think about the situation, consider the best way to respond, and then develop policies and procedures to deal with it when it does happen.I use a "Remove Tenant Addendum" and require all Tenants to fill it out and sign it.

However, my research hasn't produced much as far as who is doing it, how and what to look out for etc...

It could be me but seems like white-pages isn’t producing up to date information any more.

My long term aspirations are to become a top producer in my office in the up and coming years.

So if we get 50-60K it should produce somewhere around 100ish a month in cash flow. 

I'm in the very competitive Omaha market and have been driving for dollars and sent out 1500 post cards and waiting for those to produce.

This has been proven in other markets to bring massive savings to those looking for a product/service while simultaneously allowing producers to maximize resource utilization.

Did the HOA follow proper procedures when enacting the cap?

I would spend your time learning how to manage, developing policies and procedures for managing and handling problems, and preparing for the growth to come.

Your sock analogy doesn't work since the second one is not income producing making both expenses.