Most benefit from not needing an HOA fee.

You would still need to cover your finance fee but just another option to consider...

Use pictures from google images to simulate before/after representations of a job similar to one you've had recently and ask what they would charge for something like this.

List all on the same lease and all must pay for application fees and be screened.

Assuming I have 8 years before my water heaters break down and over 20+ for my roof i think 80k in reserves over 20 years with 4-5k in maintenance fees a year should cover?  

I could be wrong about this, but in that case condos seem like a better investment if you have an HOA fee under $300.

Here's the numbers:Single family house in NE San Antonio. 1,456 square feet, 3 bed 2.5 bathPurchase price: $105,000Rehab; $20,000Hard money loan: $112,500Cash out of pocket (From HUD stmt):$12,500 (down payment)$2,250 (points)$385 (lender fees)$892.50 (title fees)$1,320 (insurance)-$2,001.34 (credit for unpaid taxes)Total: $15,346.16Actual rehab cost: $19,678.12Hold time until rehab and refinance complete: 98 daysInterest expense: $3,020.55Refinance loan terms: 30 year adjustable rate mortgage at 5.75% interest fixed for 5 years at 85% LTV and 1 point.Appraised value: $164,500Cash-out refi amount: $139,825Cash back in my pocket after lender fees, title fees, down payment, interest expense, insurance, etc are all accounted for: $5,389.50Now the place is rented for $1,200 a month and I figure I'll pocket about $200-$300 a month after expenses and mortgage payments and in the end, no money tied up in the deal!

We show in teams -- one is showing the apartment while the other is verifying ID, answering questions on the rental applications and collecting app fees.  

Do not include any late fees in the total as CA courts view those as liquidated damages and may reject a notice that states a higher than owed amount due.

While crunching the numbers, our current property would provide little if any cash flow if we did end up renting it out even if the property appreciated in value due to high HOA fees.