Brie:Actually, your FHA programme and our CMHC homeowners programme are not terribly different: the intent and basic parameters are pretty much the same.

I found SunWest Trust and while I don't mind the initial $500 setup fee, I'm not thrilled with their $200 annual fee for doing basically nothing.  

From what I understand, they basically "Maintain" the entryway to the neighborhood, make sure nobody paints their house purple, etc.However, do these HOA's have authority to place regulations on renting to tenants?

But it is a major risk to have an assistant, because basically any error you make while assisting your sales person will be his responsibility. 

Basically, we agreed to rent to a family with less than perfect credit with the condition they pay a $3,000 deposit (house rents for $1,200 per mo).  

So then I did a basic Google search the owners name and zip code, to find any other known addresses or phone number(s) instead I found an Orlando Sentential article with the owners name stating that she was murdered in her home (This was a tragedy she was a mother of 4, but at least justice was served the murderer was sentenced to 25 to life he got what he deserved).

I have seen 500 sq ft "condos" (basically hotel rooms) for 125-150k bringing in as much as 25k/yr.

Yes, that's exactly what I'm saying--you're coming out of pocket so it's cashflow negative, but some of that is due to principle pay down so isn't actually lost.

It is about as simple and passive as REI can be, and I really like the model and the principles behind it.

The principle is called leverage.