The added fees, and compliance regulations have almost eliminated small independent investors, and financial institutions from doing mortgages, and in return have actually created worse situations for many consumers.

However, interest rate and loan point/ origination fee is based on my income, FICO, and reserve.

I spoke with the tenants and already have a good relationship with them...what I do know is they're seeking security deposit x 2 (plus attorneys fees I'm sure when they realize how much they are). 

So if I am reading correct they will also manage the property but it seems that's not included with the HOA fee, it'd just be an extra cost.Knowing all this I'd definitely say this property won't cashflow.

Recently they decided to add a "Rental Reporting Policy" which essentially includes a $250 fee and a $1000 fine if owners do not report yearly who their renters are.

No FHA will be reasonably consistent as will most other loan products, the only thing you can expect to vary from lender to lender will be their fees and possibly the interest rate (but usually not by much). 

I’d just find some comps and call them and search for all the details about rents, deposits, fees, and pets.

That part does make some sense, especially since the first property we're looking at is out of state and it would cut back on legal fees to just file in that state. 

I wanted to throw the numbers out there to see if you all had any advice or if I was missing something.It’s a duplex, electric is separate but gas and water are shared.Purchase Price: 71,000Annual rent: 18,600Annual insurance: 1,200(est.)Taxes: 2,883Garbage: 290Vacancy: 1,860(10%)Maintenance: 1,860(10%)Management: 1,116(6%) 775 placement fee (50% one months rent)Capex: 930(5%)Total: 10,914Annual mortgage: 3,453.6018,600-14,367.60=4,232.40 cash flowUnfortunately management is a must since it is long distance.

Your management fees should be 10% for anything less than 10 units managed by that company.