If you are looking for a more active solution you could buy a turnkey STR.  

I don't see any solutions to those issues, because HOAs have to buy their own insurance and maintain their own infrastructure. 

Used enirely OPM to buy this one, and borrowed money from a family member who is in commercial real estate to do the renovation.

For a while, a truly irresponsible group of new investors were joining the forums, thinking they should pursue extremely dangerous strategies that put themselves and the people they were buying from at risk. 

If prices ever cool I will buy another with a DSCR loan no doubt. 

@Shannon Leckinger what would be your goal with the STR that you want to buy? 

Like someone else said better to buy land that is already suited for use. 

If I were in your position, I would buy a duplex that has potential for value add, fix it up, live in one unit and rent out the other unit as a medium term rental or long term rental.

Buying at the mortgage balance (~$150K) positions is under the fair market value and can trigger gift tax rules.

Quote from @Patricio Acosta: First comment I would say is do not buy something because it feels good.