You can also expect increasing HOA fees, and there may be some problems renting a property inside a difficult.You don't have any experience, prices are at an all-time high, and rates are also high. 

You should read every word of your HOA rules.  

It seems to me though your short term objective is to get the HOA to take immediate action on the roof.

Does anyone know the appetite of the HOA? 

The HOA covers all the exterior.What was the outcome?

In the Houston area, most of my foreclosure have come to me from failure to pay HOA dues or comply with HOA, or probate.

Is this house outside of an HOA?

Thanks in advanceDown payment: ~90k (25% downpayment)Rent per month: 2300 (5Bed, 4 Bath) with 2100sqftProperty management: ~150 (monthly)Outstanding loan around : ~268k (7.675% APR) 30years fixedLandlord Insurance: 1500$ (per year)HOA: 1600$ (per year)Keeping an eye on interest rates for refinance, so I can then move this property to an LLC instead.

The only thing I would advise is to keep a close eye on the HOA fees, as that's where the cash flow can get squeezed.

Talk with the HOA.