Trouble is the HOA sucks.

If you are thinking about renting it out the HOA fees can kill any profit potential.

What makes a HOA good, versus not good or stay away from?

I am one who likes condos as Buy and hold properties but limit it to one unit per community in case there are issues down the road including high special assessments or substantial increases in HOA fees

Plus I pay hoa,sewer and garbage.

I pay $1,700 and the PITI + HOA will be around that same amount so, again,  it wont cashflow (my goal as an investor is to cashflow $200 per door per month and build passive income). 

As a RE broker I know the value of CC&R's and HOA's.

Another question I've come across is the pros and cons of vacation condos that are managed by an association Vs vacation homes that are outside of an HOA? 

Assuming the title search comes back clean and it's the HOA foreclosing, I could consider this to be a potentially good property to buy.

This would probably happen in May / June, so there are a few months of mortgage and HOA fees to go along with that 10k of updates.I also have a renter lined up (nothing signed, just that he would be interested if still available) for 1200 per month.