About to purchase a condo! Have had mixed feedback. Do I backout?

[Derek Sziga]

Hi everyone this is my first post hopefully in the right forum!

I am looking to purchase my first rental for a buy and rent long term strategy.

Rundown as follows:

-It is a foreclosed condo in an HOA that allows rentals.

-All in investment of 90k after closing costs / light refresh (property comps for approximately 100-107k) - My monthly fees will be $500 (HOA, insurance, taxes) with rental comps for 1200-1300 = Return of about 700-800 monthly (10% yearly return)

-Purchasing for cash - from what I hear can not get line of equity for investment props so this will tie up 90k liquid capital?

Any thoughts or insight on whether I should commit to this property? Any advice before I sign and make the purchase final? I was hoping to get into the rental side after my first flip. I have read mixed reviews regarding buying condos in associations. 

Any advice is very greatly appreciated before I learn a hard good or bad lesson ;)