re: What are the pros and cons of HOA?

No pros, only cons. HOAs are unelected officials without any semblance of oversite, at least initially. When the builder turns over the board to the owners it is a little better but in a short period of time the only people interested in being on the board will be the kind of people who want to whine about someone else leaving their garage door open while they cut the grass or someone's garbage can is left in sight longer than they think is appropriate.