Aside from relatively fixed costs like property management, taxes, insurance, utilities and HOA fees, controlling maintenance costs can be a bit like herding cats.

There's a long-term, part-time tenant paying solid market-rate rent, and it's turnkey/updated, with low/stable HOA and moderate appreciation. 

I would think that if you bought out the home owner's association you would then be responsible for the common areas and also collect all of the fees for the HOA? 

If you lease, you will need to have a rental comparison done and determine if that will cover your monthly mortgage payment, management fees, property taxes, HOA dues, maintenance costs and any vacancy on the property.  

My rehab budget on the 2007, 4/2.5, townhome would be 15k for interior only(floors, appliances, TLC) as the exterior is covered by the HOA.

She will pay all expenses...HOA fees, taxes, mortgage.My profit per month will be $0.00 but everything else would be paid by her, approx $700/mt.What are the benefits here vs putting up the cash for the down payment myself and getting $1050/mt.

It appears, after my mortgage/HOA and additional holding cost assumptions (vacancy/CAPEX/repairs etc.), my expected rental income would not be enough to generate a positive cash flow (but rather potentially ~$200 in the red).It is also worth mentioning that the value of this property has risen substantially in the short time I've owned it.  

There are a few groups selling properties they bought at HOA Foreclosures (which still have massive Mtg.s attached to them) trying to pass them off as "REO's we bought in bulk".

That amount can't be less than the monthly housing payment (principal, interest, taxes, insurance, mortgage insurance, and HOA fees, if any).

His cashflow has been $75-100/ month.Breakdown of payments: About $370 (loan 1)+ about $250 (loan 2)+ $188 HOA= $808/ month.