Two tenants were renting a condominium unit from an owner in an HOA run building.

I know rent in the same complex is about $750 with HOA fee of $150 so I feel that I should be able to have the condo payed off relatively quick.

Thanks Lien,So far, my biggest challenge managing out of state has been keeping up with the HOA announcements. 

I shot an email to my HOA.

1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

There's a $185/month HOA fee so, if I paid in cash I'm seeing $685/month. 

There was a lag in getting info due to the available HOA rep not knowing and the holiday to get rental restriction info since it wasn't clearly spelled out in the covenants.Found out today that they limit it at 5% of units or 7 total.

I have a tenant of about 3 years in my lowest performing property in Maple Valley that has not gone up in value for 3 years and although rents are good/solid cash flow and principal pay down ($500 a month CF, $385 a month PP), the HOA is driving me nuts and I’m looking to sell and take the 200K equity left after transaction costs and re-leverage into other properties, such as two SFR’s.The longer I wait the worse things get for me.

Besides the added expense of HOAs, they often will not allow STRs, and even if they do, could change their bylaws on them at any time.  

In Sunriver, here's a photo of the waterpark that is available for HOA members and their guests (for VR rentals, etc.)