It works if you buy low enough compared to the properties market value. 

Hi @Michael Cutting, great questions and it sounds like you have a potentially exciting opportunity.I am going to have a slightly different opinion compared to @Rob Beland.I agree about being able to require them to sign leases.  

The challenge @ this price point is the variation between the low comparables & the high comparables.  

Sorry to be so harsh but this is the equivalent of getting in a plane and asking how to fly it.

I've never done it before but for a starting point figure out what the investor's minimum rate of return (how it compares to a bank, CD, or stocks).

If anything, this will allow you to compare your mortgage person to his/her.

This allows you to compare to other investments.  

The key is to get them at a discount compared to a single family home to cover the expense and hassle of dealing with the hoa.

What you will likely want to do is compare comps and decide if it's worth actually buying.Assuming you will buy it because you've lived in there without knowing what the price per square foot will be is a bad assumption.

Short of making 100 calls, are there any tools anyone can point me to that compare HML rates?