There's some fundamental misunderstandings contained in some of the previous answers to this question.
First of all libertarian philosophy is based on individual rights first and foremost, but that doesn't mean that they believe that the minority has power over the majority.
It simply means that the majority cannot vote to take away the rights of the minority or the individual. There's a difference, and that is the principle that the Bill of Rights was built on, that rights are inalienable and can't be voted away.
Use the analogy of 3 men on an island: these 3 men establish a republic which believes that individual rights are to be protected. When these men run out of food, 2 of the men cannot vote to eat the third man, because all men are bound to the rules of individual rights. In essence the group cannot sacrifice individuals and their rights for the good of the collective.
In the case of the Home Owners Association, you enter a contract when you enter the into the association. The natural assumption is that this contract would include certain clauses that would obligate each home owner in the association to abide by the votes of the organization.
Libertarians believe in the law of contracts as well. For example, employment: employment is a voluntary contract between the employer and the employee. When a person voluntarily enters an employment contract, the libertarian understands that his individual rights may not apply while he is being paid by an employer. Obviously I have the freedom to practice my religion, but that right doesn't apply while I am on the boss' clock.
Imagine the 3 men on the island, who established a 3 man republic, but they all agreed to sign a contract. In this contract it's stated that in the event that the men were starving, that they would vote to eat the weakest member of the group. Philosophically a libertarian would be compelled to violate the rights of the minority because all members of the contract agreed to do so. It's a silly example I know, but that's a simplified example of how it works.
Nobody can force you to enter a contract, contracts are ONLY valid when they are entered into by both parties knowingly, willingly and voluntarily. With that being said the typical libertarian would not enter into a Home Owners Association(assuming it involved a contract), if he was not willing to give up some of is liberties in order to be part of that particular community.
In the case where there's not a Home Owners Association agreement or contract, the libertarian would most certainly make a stand that the group cannot force him to do things with his property that he doesn't want to do.