These things will also cause complications if you need to sell as title will find out about liens on the title search or owed dues/fines/fees on the estoppel letter.As others have mentioned, the annual dues shouldn't fluctuate much, plus you should be a member of the HOA and have some say in the HOA budget.Now special assessments are different circumstances, and probably not something you could ever get a tenant to cover (and probably won't be able to predict much to change a lease ahead of time).

Generally, I'd say no, it isn't a good idea to do what you are thinking, but depending on your specific circumstances, it might work for your plans.

Some of the answers above seem to be a little coy ... so in most circumstances - NO.

The Cleveland area definitely has some gems that would allow you to find a great deal under those circumstances.

 The property can be behind in payments for many reasons but often if the property is behind in payments there could be issues of neglect.

From the photo they sent me of the carpet, I truthfully thought it was caused by their neglect.

Having a high threshold for pain as well as dealing with undesirable circumstances (two things all the Jackass guys seem to embrace) no doubt comes in handy as a landlord. 

I have done some of my own research on the difference between domestic and foreign LLC's, I'm still unclear what to do as everything I read always has a disclaimer to talk to an attorney and accountant about "my specific circumstances".

For example what is it comfortable LTV to maintain over all of the properties and how much liquid cash should I have per property put away in case of vacancies repairs and unforeseen circumstances?

Each person's circumstance is unique.[* = I'm assuming investors and wannabes have done the basics of paying off all non-asset debt, they have sensible positive cash flow, and have some kind of emergency cash fund suitable to their comfort levels.]