Investing into a condo ?

[Stipe Ba]

Looking into purchasing a foreclosed condo to flip or even possibly rent . It's a newer condo foreclosed and a HUD property . HOA fees are reasonable. I usually deal In single family / duplex homes and have never purchased a condo. Seems like it could be a decent rental with minimal maintenance . Also I did confirm with HOA that they do allow renting the property . What's everyone's thoughts on flipping or even possibly a condo? Anything that I should look out for ?

[Minna Reid]

Look for a well run, well funded HOA. Your biggest risk in purchasing a condo rests with the HOA, so while you can never know for certain what will happen with the HOA in the future, your best best is to make sure they are very solid now. Also keep in mind possibilities for upcoming assessments etc. These can easily affect your cash flow situation.