I have been inside so many rental properties where the landlord said the tenants were supposed to be taking care of the property, only to see half finished projects sit there incomplete for years on end.

You could have an attorney contact the HOA management company or HOA President to apply a little pressure to fix the mistake, as they are supposed to return it to a AS-IS position, but don't get your hopes up.

We're looking at a house that has a renter in it who's supposedly paying $1,100/month with a month to month lease.  

If you are licensed, or I suppose working closely with an agent, could this be a good way of generating leads?

Supposedly this has caused a sharp decline in Condo construction in recent years as Developers are wary of the risks. 

Now whether you will love it or hate it when that happens is debatable I suppose :)

Then bank reforeclosued the house a month later and we are supposedly expecting some money but still nothing came . 

- Don't continue to send money to your contractor without obtaining a full progress report with clear verification that the work that was supposed to be done, has actually been done. - When a project manager or contractor begins to pass the puck and place blame somewhere else, there is a real problem going on. - Require full video walkthroughs of each project, both throughout the project and at the end prior to sending the final draw.

I TREID to hire a RE Agent who specializes in finding tenants, however, the sign that was supposed to be in my yard by the weekend (2 1/2 weeks ago) still hasn't appeared.  

Its supposed to close this month.