Now while on the surface it sounds like the way to go, I understand that many pitfalls accompany this type of investment scenario (e.g HOAs, Property Mgmt, Special Assessment, Association Cash Reserves, etc.)  

I'm a 20 year plus attorney in Tampa who has been fairly active personally as well as assisting our investor clients in purchasing deeds from the bankruptcy court or HOA sales over the past few years.  

There are no HOA fees.

You'll have to look at any hoa restrictions and whether or not the rent you would need matches the rents currently achieved in the area.

Now I'm in a back and forth disagreement with this HOA.

My HOA is being sued at the moment so a sale is impossible until that is finished.I would appreciate any advice from all you investors out there :)

You can lose money easier but you get into the flow a lot quicker with cheap lessons.The reason I asked about renting it out is the HOA liens here in Nevada are super liens and allow you to rent out the house until foreclosure.

It's got a $750/yr HOA.

I purchased a home in October of 2015, and home is located in an HOA community.

The following are some items I came up with so far:Rental restrictions.Number of rentals allowed and current number of rentals.Does the property qualify for FHA financing.Financial statement of HOA.Meeting minutes of HOA.  ?????????