Apparently refi's and owner-occ business is going through the roof so everyone - especially the appraisers are having trouble keeping up.  

I did a few searches and Google and found Bigger Pockets, and I'm a big fan already.I really like the hands-on idea of real estate investing, and after reading some books and listening to a bunch of Bigger Pockets podcasts I think I'd like to tackle the 'buy and hold' strategy and become a landlord.I'm really excited about this, although I'm a bit nervous--especially since the housing market here on the central coast is a bit steep, so I'm not sure how exactly I'm going to make this work and if I'm going to invest locally.I'm looking forward to learning more, connecting with people, and beginning to build my real estate investments.

Rent  $1400/month covers these items (as in your tenant)P&I Payment $500.00 Repairs Needed $0.00Taxes $118.92Insurance $208.33Management $182.00TOTAL ~ $1010/month x 5 = $5050Reserves to set aside (emergency - covers 5 months) $5098.33 Expenses Headache Factor=0% CAPEX  $70.00 General Maintenance  $83.33 Utilities 0 0 HOA Fees 0 0 Flood Insurance 0 0 Vacancy  $112.00TOTAL ~ $265/month of useless compensation (using this method) ~ $3200/year Seriously, if you have vacancy due to a repair issue (like a roof problem).  

I already made the decision to go with the dark green roof, and while I don't think I would ever go with that color again, I have to paint the house anyway, so I have to come up with a color scheme anyway to match the roof. 

I tend to think it best to stay away from HOA situations.I literally ran into a buddy today who has a condo in an HOA and is going through a nightmare scenario of a roof leak that has destroyed a couple interior walls and is very costly to repair.  

@Sean Ploskina I am going to look over the property next week 90 % was newly renovated back in 2013 with new HVAC & roofing through out the entire complex

I was so excited because I think I bought a good deal - cash flows well, bought under the appraised value, most of the units are recently renovated, new roof, new a/c units, etc...That being said, an hour after closing I was alerted that a child in one of the units suddenly passed away in the middle of the night the night before the property was in my possession.  

You'll find people on here who will tell you the cash flow isn't enough for that investment, you can't count on equity or appreciation, blah, blah, blah, but I like the deal (assuming the major items roof, hvac, etc are in good condition). 

HOA's are no different than single family homes that could need a roof replacement, an unknow code violation due to structural/electrical/plumbing issues or a drug dealer that moves accross the street after you acquire the property.

(Roof, water heaters, HVAC... ect.)