Creative ways to get cash flow while paying HOA fees and PMI

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I've been analyzing condos to see how I can get a 2 or 3 bedroom and rent it out for some cash flow. However, I feel like I can barley get in the green due to the HOA Fees. I plan to get my first property with an FHA loan so I'm also going to pay PMI on top of the HOA fee. That makes me feel like id need to give a crazy lowball offer just to break even. Is there any strategies that investors use to work around this? Do you just keep lowering your offer? What do you do?

I agree with @Jaysen Medhurst . They can also raise the monthly fees and send you into the red each month. When you analyze a property on a 30 year mortgage, you want more predictability. Additionally, check to make sure the association lets you rent the Condo when you are done living there. Sometimes they don't.