i'm probably going to get ripped for this... and i wouldn't do this myself, but for sake of playing devil's advocate...
assuming you have to pay $1600 to rent a place like this...
http://www.redfin.com/CA/Irvine/3313-Watermarke-Pl-92612/home/5952589
*a 1/1 villa sienna goes for $1525 for a 1/1, 550sq ft and a 1/1, 740 sq ft goes for $1725
to rent this place for 2 years it would cost you
~$38400 (1600 X24 months)
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now... say you had 200k in the bank and to "own" it for 24 months...
$200,000 x .08 = $16,000 (buy and sell costs)
$309 x 24 = $7,500 (HOA)
+$4000 (1% lost interest over 2 years)
$2,472 x 2 = $4994 (prop tax 2010)
~$32500... that's how much you would "pay" (or lose) over 2 years, this assumes prices don't drop further, also, this is a shortsale... the only non shortsale for watermarke goes for $220k