First investment Property

[Nikki Dupoux St Jean]

Hello all,

I've just been approved for a 120k loan and I wanted to purchase a condo as my first investment property since the market in Florida is ridiculously high. I've been told by many not to purchase a condo because the HOA will eat into my profits. Since this is my first investment what avenue should I take with this approved loan? I wanted to start with the condo because I would be responsible for one unit not a whole entire home. Can someone please point me into the right direction with this loan?

1. How much should I purchase for, I wanted to purchase 70k or less and my 20% down to bring my payment real low at 3.875%rate.

2. How much should my roi be on this amount per month? The average 2bdroom condo in Orlando goes for 1000 per month. If I bring in a profit of 300 net is that good or bad on a 70k property? 

3. Should I look for one that's already rented and lock to lease or and empty one?

4. Section 8 or no?

I know the questions are a lot but I rather ask to gather info from the experts now than go and make a stupid move and lose later.