Orange county is implementing restrictions at County level, not just HOA restrictions. 

Cost: $139,000Rent: $725 both sides.Mortgage: $959 (that's p&i, taxes, insurance, pmi, and the hoa)I'd be using the VA loan so no money down, and living there for a few months.

Monthly payment with HOA and annual tax is $1500.

I have $50k to put as downpayment with 4.375 interest on the rest of the mortgage, monthly payments of $1500 with HOA and yearly tax included in the Payment.

Our expenses are huge (HOA, property tax, cleaning fees, 15% hotel tax).

You also have to pay a monthly HOA fee. 

@Adrian Luna this must be for a condo, given the HOA fees and very low CapEx?

I do see the HOAs can be high, but the prices seem to be shifting lower than the past year.

Probably won't be any worse off then had you sold and paid taxes.Best case you make money and learn something and find another BETTER property and snowball it til you hit your goal/magic number.It's not unrealistic to be able to hit about 400/door with 25% down (including taxes, insurance, and mortage, maybe a HOA or prop mgmt).

The HOA has informed the owners that the HOA master insurance policy will only cover the club house/swimming pool and the common public areas.