Appreciation tends to be less extreme on condos compared to 1-4 unit homes, and your cash flow is lessened by high taxes and HOA fees.With respect to your personal residence, that's a personal decision.

Would the HOA fees cover insurance? 

Some of the pitfalls that I have encountered with owning condos is the fact that strata/HOA can REALLY screw around with your otherwise great plan.

HOA is about $320/month.

I would not invest in any properties with HOAs, nor would I invest in SFHs as rentals (high risk), I would concentrate on multi units.Sell your personal home, buy a multi with the intent of living in one unit.

Does the HOA have a fee at closing?

If it's a buy and hold... that ROI is going to look great to a lot of people who are out of area.Monthly Revenue$700 RentExpenses$80 Taxes$100 Insurance$50 HOA$70 Property Manager$70 Cap Ex$70 VacancyNet Monthly Return Before PI: $2607% Cap RateIf you're not looking at repairs and you have a good team to qualify tenants that could be good... that said it could be terribly overpriced for the market.

It's a good idea to see your attonery to review the first lease and you can use the basic lease agreement and you may need to tweak LA based SFH or condo with HOA etc.

I use him for my stuff.There are a few guys running around trying to sell HOA foreclosure acquired properties, with huge Mtg.s attached, trying to sell by Special warranty deed, which means you inherit the Mtg.BTW, what questionable terms do you see?  

Hi Pablo,Should there be no HOA restrictions on short-term renting, I'd be happy to help look at your possible short-term v. long-term rental income earnings.