Zillow is giving me an estimated mortgage payment of about $700 a month, including taxes, PMI, insurance, and HOA.

HOA is 293$.

If I make a cash offer I should be able to buy it for about $55K, It will rent for $1250 per month with $40 monthly HOA fee. 

Including taxes, HOA, insurances and especially a property manager cost as I have to make that investment fully passive (no active income allowed in my situation).I have experience in rental in my home country but as there are many differences (both financial and cultural) I just see myself with that project here as a newbie.

Unfortunately, the HOA fee has also since risen to now $155/mo, but I'm still way ahead.

And i wonder if they wipe out past dues Kind of like when i buy trustee sales in Oregon the HOA fees that are due are wiped out and start anew.. 

This is ok, assuming it doesn't violate your HOA bylaws, local laws, and occupancy limits.

I succeeded when I had my issues by having a very hard line about... if there is an issue with legal infractions, please call the police if there is an issue with parking please notify the HOA.

2br/1ba condo near downtown (William Cannon & Pleasant Valley), 1975 built$105k asking price (off-market)direct comps sold for $145k recently, w/ Trulia valued @ $135krentometer says $1195/mo$190/mo HOA fee (I need to find out what this covers)$155/mo taxesnot the nicest interior, but its rental ready...could use some modernizing, or leave it as is.So my question as a novice 1st-timer...I have the cash on hand right now to buy this easily...I'm not sure what I'm reading from the calculator if this makes sense or not.I assume you buy it outright for $105k, then immediately try to refi out at full appraised $140k-ish. 

I have perused the " Nevada foreclosure laws" but, have not been able to identify how the HOA's are dealt with after I have bought the condominium from a mortgage foreclosed trustee auction.