The things I don't like are the some of the local regulations and paying out a relocation fee in the thousands to get a tenant out if I wanted to sell or move into the rental myself.

Your outline looks solid, and requiring the background and credit check fee upfront is standard practice.

A lower-cost property can easily meet the 1% rule yet perform worse in practice than a higher-cost property that fails the rule but is better positioned to absorb operating expenses. 

The HOA becomes, in practice, the real landlord, while the owner simply carries the financial burden.There is a saying I hear often among Cubans in Miami: "We escaped the tyranny and communism of Castro only to end up under something even worse, the HOA".

It is still full of practical tips, great forms and ideas and corny humor. 

@Anthony DiSanzo thank you, I will start practicing analyzing deals in those areas! 

Relocating to a new city for work. 

I had a friend who lived in the area, but has now relocated back to the main land.  

Misunderstanding practical reality of escrow management. 5.

Based on your advice, I think the most practical move is to cut my losses and shift into CDs instead.