Possible condo deal. Need opinions.

[Carlos Rovira]

I've got a potential deal here and need some advice. Here it goes: It is a 2/1 Condo unit in Hialeah, FL (a very competitive rental market). Price: $80-85k (market value ~$105k). Potential Rent: $1,300/mo HOA Fee: $215/mo (includes flood insurance) Insurance: ~$90/mo (aside from flood - hurricane, fire, etc.) Taxes: ~$90/mo Mortgage PMT: $350/mo I am paying using an equity line of credit from another property so I'm essentially putting zero down. Plan is to refinance and recover the equity line to continue buying. My concerns are the following: 1) I've never owned a condo and the idea of an HOA scares me 2) I'm buying this from a "pushy" wholesaler (no offense to wholesalers) who wants to close quickly and not allow me to have an inspection period. The wholesale company bought it at auction and has been holding it for a few weeks. Red flag? The cash flow is excellent, so it's hard to turn away from the deal. Thoughts?