Condo Pitfalls

[Brian Kennedy]

Are there any specific pitfalls to buying and then renting out a condo?  The condo I am looking at is a 1bd, 1ba in a nice area and has been recently renovated.  

My cost for the note plus condo fee and taxes/ins will be less than $700 and I'm looking to rent it out for at least $900.  The place I do my day job is in the midst of hiring many young college graduates at good rates of pay and the condo is within 15 minutes.  We have an internal network where I can advertise directly to the workforce...a workforce that periodically goes through background investigations and is held to a high standard of ethics and financial responsibility.

So I don't expect much in the deadbeat tenant arena, and the building/condo is in very good shape.  But hopeful eyes tend to miss dangers and I don't have a long background to draw on for knowledge when it comes to rentals.