Studio condo, 500 sf, HOA of $356(all bills paid), amenities include on-site fitness, sauna, covered parking, laundry on same floor, pool, basketball/tennis court, and fully furnished.

But if you do, make sure he builds in the costs of proper pre-auction  research for title, HOA debts, taxes, etc.  

Full breakdown to 100% :)Overall Vacancy rate: 14.5 / 656 mos ~ 2.7%Interest on mortgages: 35.8%Cashflow / Principal Reduction: 29.7%Property Tax: 11.2%Mgmt Fees: 8%Maint/Repairs 7.2%Insurance 3.1%HOA Fees: 2.1%Advertising/Fill Fees 1.4%Utilities: 1%

But I've found that in the areas where I feel comfortable buying a property that I think will rent easily and appreciate well, there are a lot of HOAs that have rent restrictions.  

The rent covers the mortgage, but I still pay $5.5K for taxes & $2K for HOA.

You need to have a rent collection system set up and a way for that money to be sent into your bank account and also be able to handle people not paying, bounced checks, HOA violations , tenant life problems,and you need to make sure you have a good current up to date knowledge of all the laws and regulations in your state and local area regarding your tenants rights. 

Most condos have HOA fees that are higher because they include all outdoor maintenance.2.

I'm looking at a property going to a HOA foreclosure sale with a senior mortgage lien and senior HELOC lien.

I'm assuming there's also an HOA, so it doesn't look like there's much room for cash flow.

When was the HOA foreclosure and why doesn't the title report show the HOA as the owner of record?