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.

I did factor in 7% vacancy rate, taxes, HOAS, insurance and monthly reserves for maintenance.

The HOA has accrued legal fees to send you a collection notice/ skip trace fee/ lien filing fee (possibly) and HOA account review.

The school district is not as good as the Property B.Purchase Price: $184k ($35k down, and need about $3k in renovation)Monthly payment: $1,309 (tax rate: 2.9%, $10 HOA)Expected rent: $650 per room (4 bd total)Total Monthly income expected: $2200 (estimated maintenance cost of $400)ROI on original investment: 28%--------------------Property A: 4bd/3bthLocation: Austin, TX (wells branch area)This area sees 6.78% appreciation past 5 years.