You of all people know that you have to spend money to make money.

Certainly. However, without good management one can spend and lose a great deal of money and never make a cent.

I can not say that for sure, as I do not have food & beverage management experience, golf course management experience nor experience running a HOA.

This is a fundamental problem in OPA under most any GM. The board looks to the GM to properly manage the OPA businesses. However, any GM is more oriented as a government-style manager to keep facilities operating and maintained. What's lacking is an experienced individual/s who would have near absolute overall management with a financial stake in the outcome of the business. I think Golf Profit Builders recommended such a manager for golf in their survey of our golf operation.

Running an HOA may be child's play compared to making a profit running a major golf course or restaurant.