Small banks are usually the ones most willing to take a chance on local investors trying to improve the community.

@Noel Challenger, agree, location is numero uno.

I got the bids to show potential buyers the bid and a realistic cost of improvements to the home. 

Ive challenged them on this since there was not vote by the homeowners, that im aware of, and they essentially quoted as 2008 law  that says the the board can: (18) Exercise any other powers necessary and proper for the governance and operation of the association.The reason they have implemented is that there was a bad landlord that allowed a tenant to rent that eventually got busted for drugs.   

I think these folks have very deep pockets and are going long but some may see challenges along the way like right now.

Don't take what they say as 100% truth, but combined with other sources, this will improve the accuracy of your estimates.

I challenge you to do the same. 

With that said, the margins are quite small, however, I'm sure there is room for improvement and appreciation.If you could, please, I'm not quite understanding the Management fee (I understand the 6% being on an annual basis of the $18.6k) - but then there's the $750 placement fee and 50% of the rent?

Hi @Jeneé Murphy,I have have worked with and know many investors that have worked with Kane Jefferies http://kanejeffries.com/ They handle deals for many investors in town and understand the challenges that can come up with title when dealing with investment properties.Hope that helps! 

I had the city of Bing code inspector come out and they let me know that the property I was interested in had illegal improvements and that's why I wasn't going to be able to get a certification.