Buying my first property which I will turn into a rental.

[Jared Johnston]

Hello everyone, 

I am under contract on a condo in Washington, DC. This will be my first property which I will be turning into a rental. My mortgage will be $774/month which includes all expenses except gas and electric. The rent for that area, being a 2 bed 1 bath is $1500/month. 

I just found out that there will be a special assessment in the near future on the condo association. The exact amount was not provided to me by the property manager because she does not have and concrete number and does not want to tell me false information. She did mention that most of the residents might not be happy with the amount and it will most likely be a multi-year assessment.

I am sort of stuck on what I should do. It seems I would be going into buying this property blindly. Any advice on this?

Thank you