I am currently running ads to rent out the entire property and will be able to bring in $500-$800 in cash flow after all property expenses and have received multiple application requests.

Lots of pockets showing high demand and infrastructure growth. 43609 is getting better and better and even too expensive in some parts…Further East of 43611 is turning43610 has nice streets 43605 border of Oregon and heart of Birmingham are great 43607 Scott Park is very interesting and use to be rough.

Be thankful they are taking this step on their own to ensure they don't get behind and stick you with unpaid rent.I'm sure how much they may be approved for varies on a case-by-case basis, but I have tenants who have paid the full rent for multiple months through COVID rental assistance.Your role is limited, and in my personal experience requires just a bit of information on the balance due and a signature.

Assuming a required rate of return of 5% (comparable to high-yield savings or a CD), the deal would need to yield a total CoC return of 10% (since everything is split 50/50).I'm stuck because while playing around with numbers, achieving this return seems improbable if not unrealistic.

I do flips in different states and countries, so it makes it more difficult to keep an eye on the properties but sharing all the lessons I've learnt the hard, and expensive way.  

If the HOA required you to obtain their approval, did you hire an attorney? 

Expensive lesson learned

This can be quite expensive. 3) Make sure you buy furniture with a high weight capacity. 4) This arrangement doesn't attract the best tenants.

Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.

While it is not required, it seems like an easy gesture of goodwill.