I bought the place almost a year ago and now it is rented and the president from HOA call me to say that I need to paint my screen door to match the green color.

The lender will want you to document at least six months worth of taxes, insurance, mortgage insurance (where applicable), HOA fees (where applicable) and principal and interest payments for each financed rental. 

I have a condo under contract and I need to locate the HOA to verify fees and arrearges.  

For all you Condo & HOA managers out there:(a) What are the three biggest challenges you face in successfully managing your properties and (b) what strategies do you use to meet the expectations of the Board (since this is often half the battle)?  

Or are they to HOA or some other organization?

Still need to watch for any unpaid property taxes, code violations, any HOA's.  

@Matt Rasich -  Well, I would never buy a condo, we have high HOA's here so it eats your CF and a lot of our HOA's have rental restrictions, even if they are not currently enforced they can be.  

HOA? 

[quote] CASHFLOW ANALYZER Rent per unit $ 950.00   Sales price $ 95,000.00   # of units 1   less     Annualized rental income $ 11,400.00   Down $ 19,000.00 20% less percentage   Repairs $ 5,000.00   Vacancy $ 570.00 5%   Total Investment $ 24,000.00   RE Taxes $ 1,200.00   Loan $ 76,000.00   Insurance $ 720.00 $ 60.00   Terms     Management $ 1,140.00 10%   4.00% Interest   Maintenance $ 570.00 5%   30 Amortization   Utilities/HOA $ -   DEBT SERVICE     Reserves $ 570.00 5%   Payment $362.84 per month Operating Expenses $ 4,770.00 44%     $4,354.03 per year Net Operating Income $ 6,630.00         less Annual Debt Service $4,354.03 DSCR 1.523       Cashflow $ 2,275.97 Cap rate 6.6% Monthly cashflow $ 189.66   CCR (%) 9.48%        [/quote]Scenario #2: New roof, decent zestimate<-> purchase price (I know I don't hold much faith in Zestimates)[quote] CASHFLOW ANALYZER Zillow's Estimate $ 152,000.00 Rent per unit $ 1,200.00   Sales price $ 125,000.00   # of units 1   less     Annualized rental income $ 14,400.00   Down $ 25,000.00 20% less percentage   Repairs $ 5,000.00   Vacancy $ 720.00 5%   Total Investment $ 30,000.00   RE Taxes $ 1,600.00   Loan $ 100,000.00   Insurance $ 720.00 $ 60.00   Terms     Management $ 1,440.00 10%   4.00% Interest   Maintenance $ 720.00 5%   30 Amortization   Utilities/HOA $ -   DEBT SERVICE     Reserves $ 720.00 5%   Payment $477.42 per month Operating Expenses $ 5,920.00 43%     $5,728.98 per year Net Operating Income $ 8,480.00         less Annual Debt Service $5,728.98 DSCR 1.48       Cashflow $ 2,751.02 Cap rate 6.5% Monthly cashflow $ 229.25   CCR (%) 9.17%        [/quote]Scenario #3: Lower purchase price for a 3/2.  2story ugly green house.

You have to factor in vandalism, squatter, eviction, market trend, foreclosure, local authority citation, legal & HOA expenses to make it work.For too often, I see people bid up the property due to emotion instead of reality.