If the HOA is defunct, not operating properly, is underfunded, or has any other issues, it can prevent financing challenges for future owners (read this affects your exit), and effects the quality of the overall property.

If the property is at least 80% tenanted, then you have something to show the lender that proves the property is generating cash flow.

Personally option 1 feels more like a year round business if that is your main focus to generate income.

I will even pay ALL your closing costs IF I really like your building and the cash flow it generates.

Property is an operating chicken farm (chickens net over $90k income/year) with an operating pet boarding Kennel (nets over $100k per year) along with over 80 acres of tillable land, a newly renovated 4 br/3 bath 2500 sq ft home, large (100x200) shed/building/garage and separate office building (12x24) for Kennel.

.- Lease out the store front half of the lower level to retail or something similar (not a priority since the apartments and storage alone will cash-flow the deal)Operating Expenses: ~$11000 (high estimate)NOI: $26350.00Debt Expense: $18914Cash Flow before taxes: $7438.00Taxable NOI: $4425I’m not looking to pay myself anything, as I’d just like to hold this as long as possible for my kids and to learn as much as possible for my next deal.

But I’ll leave a unit empty before i just throw a body in there to generate income.

This disappointing approach seems like something which wouldn't happen under Josh's watch.I have nothing against anyone wishing to generate income.

I do a few flips a year to pay the bills, to keep a team busy, and to generate capital to buy a few more rentals. 

Isn't the NOI simply your yearly income minus operating costs?