The last thing in the world you want to do is commit mortgage fraud under any circumstances obviously.

Purchase price: $399,000 Cash invested: $66,000 Sale price: $699,000 This place had great bones and so much wood detail that had been neglected over the past few years.

The entire point of a contract is that the parties agree to uphold the 4-corners of it, even if their personal circumstances change. 

Chaining is not allowed in any circumstance. 

I have read that there are some qualifying events / extenuating circumstances that may allow you to obtain FHA approval after 1yr from the date of title transfer post short sale?

These things will also cause complications if you need to sell as title will find out about liens on the title search or owed dues/fines/fees on the estoppel letter.As others have mentioned, the annual dues shouldn't fluctuate much, plus you should be a member of the HOA and have some say in the HOA budget.Now special assessments are different circumstances, and probably not something you could ever get a tenant to cover (and probably won't be able to predict much to change a lease ahead of time).

Generally, I'd say no, it isn't a good idea to do what you are thinking, but depending on your specific circumstances, it might work for your plans.

Some of the answers above seem to be a little coy ... so in most circumstances - NO.

The Cleveland area definitely has some gems that would allow you to find a great deal under those circumstances.

 The property can be behind in payments for many reasons but often if the property is behind in payments there could be issues of neglect.