Our financial associate is prepared to hire for this BOP immediately. 

Let's assume that's over-spoken and it's really half that, $250/month.I take out my financial calculator. 

Most Property Managers do charge for tenant renewal or the initial securing of the tenant (normally one full month rent).

lolLots of financial intercourse going on!!! 

(I plan to do some remodel work in February, so would be looking for new leases to begin in March).2) The current owners are collecting September rent, which will be credited back to me at escrow, along the the 5 security deposits.  

I have to use the entire security deposit to cover lost rent.  

I make a decent living working at a busy restaurant here in town, but I am very interested in using real estate investing to provide me with some financial freedom.

@Daniel @Daniel Highsmith the "gotcha" could be the general financial stability of the HOA.

As an owner-occupant, you may get homestead exemptions and/or others.Again, your financial professional will be your best resource.

I hope you'll learn a ton of stuff and work toward your financial freedom.