Newbie in FL seeking advice on first deal

[Zac C.]

Hi guys,

I am looking to purchase my first investment property here in FL in the Clearwater/St. Pete area and would like some friendly advice from the pros out there in BP land. Thanks in advance for your input.

Looking to purchase a 3/2 SFR home in the area as a cash flow rental property and have 80k liquid to invest - I cannot get traditional financing at this time due to recent short sale in March. Currently saving an additional 2500-3k monthly after expenses.

The deals to be found in this price range locally are few and far between and I really don't want to get caught up in putting a ton of time and $ into a major rehab right now.

There are a few nice looking townhome/condos available in my price range that appear to be move-in-ready or close to it, and my question to you guys is should I be nervous about buying this type of property as a rental versus a traditional house? I know there are some uncertainties with condo fees fluctuating but I'd like to think that if the numbers make sense it should not make a huge difference.

What other factors should be considered when comparing townhomes/condos to traditional homes as an investment?

Thanks guys - all the best - Zac