This is leverage working in theory. I would make sure you do the following:
a) include the HOA fee in rent
b) make sure you have 12 months rent in the bank cash
c) this works better if properties are close to 80% leveraged, not 50% leveraged.
b)- if you have a period where a tenant leaves or trashes the place, you need enough cash to fix place up and rent it out again.
c) if you do as you describe, you have $250k of your own money on the line. If you can just put 20% down on each property (100k) and invest the other 150k with modest growth (6-7%), you will come out much further ahead with much less risk and much more liquidity if something goes wrong.
Keep in mind if you cannot make a payment the worst case is a property is foreclosed with a ding on your credit score. In addition, in your case you would lose the 250k you put down. In my case you lost the 50k down payment on one property.
Risk vs reward. Think about it.
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