HOA Fees and special assessment are beyond your control and will generally kill cash flow.They are priced too high/rents too low to make for good income investment properties.

So in my area it's really difficult to not find a property with some kind of HOA.

If the houses were "condos" on one lot, with an HOA etc., they could be purchased separately, one as a second home and one as an investment property.  

NOTE: It is not HOA guidelines to have 50% owner occ. it is the financing (perhaps government guidelines) industry.Any ideas of how to finance this as an investment? 

I have no idea what the laws are there but before you make any significant modifications, you may want to look into this, it could hurt you at resale time if you go about this un-permitted. 2) I'd also double check with the HOA that you've interpreted the bylaws correctly before you start.

. - No HOA on the property- We bought it for zero dollars down using my VA loan, mortgage will be ~$850- Flip house, therefore it came equipped with stainless apps, granite counters in the kitchen and bathrooms, brand new hardwood tile throughout the house, double-deck patio in the backyard with fire pit.

I also focus more on condos as they generally have a better rent-to-price ratio (even after including hoa fees)

HOA and other fees; If there are any, are these typically included in rent, paid from rents collected, or added to rent?

I found a condo in a B+ area that has reasonable HOA fees and rules (they allow tenants/renting and pets) and the numbers work.I would like to hear from others who have invested in condos for buy and hold, and how that has worked out for you, bad or good.Thank you.Shoshana Shulman

After PITI + HOA it cash flows a little over $400/month.