Fortunately, I bought mine as a short sale and HOA covers exterior maintenance, water, sewage, and garbage. 

I can tell a story of a tenant as our neighbor in class "A" community that basically trashed the house and left thousands of dollars worth of damage behind which the landlord had to fix, neighbors almost had monthly complaints to HOA or landlord about them. 

Lucky my HOA and Mortgage is low on that condo.

I realize a lot of control is given up by way of  the HOA, but a lot of uncertainty is also removed too as far as capex and maintenance.

Turned out they did not push for the rental restrictions at the HOA meeting.  

. ;)- HOA restrictions (or future restrictions) as @Kim Bayless pointed out. - Yes, as others stated, you are responsible for collecting any TOT (transient occupancy tax) and submitting appropriately.

Even to this day, I have no idea how that worked in my favour.I almost had to pay 2 years worth of missed HOA payment.

Rents out to 1400.Property tax of 3500 and HOA of 210.I also did not look at any foreclosure or properties that require any work as this is my first investment in real estate and don't have much background or cash in hand to fund the rehab projects.Advance thanks for your advice on this. 

As a former HOA president of eight years, I would recommend you avoid condos in an HOA.

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.)