Any discomfort that you are feeling is a sign telling you that you don't have sufficient information or experience to execute the plan.

I have contract that never had the executed date section is not even filled in.

Before executing make sure you have the skillset/patience/money to address the inefficiencies/deficiencies that lead to the property cash-flowing below market.

Find someone who will pay you to "bird dog" and begin to learn from. 

I have a friend who just moved there for work and is going to do some bird dogging for me

I'm in agreement with a number of the comments regarding condos and the HOA component; fees can be adjusted and increased significantly depending on what the HOA board decides and above all, you are giving up significant control over your property in my opinion that could limit or make appreciation, resale and exit strategy options less than optimal.A small SFR 3/2 purchased well under market as an REO a number of years ago is where I started and funny enough is still one of the best performing properties in my portfolio.Good luck and congratulations on your decision to invest- above all, lock in your strategy and then execute it.

I put money paid bird dogs and such down as advertising for my books.  

The restriction when selling to a FHA buyer, regardless of the property, is 90 days from your purchase/closing, until Execution of the FHA buyer's purchase contract.

@James Ritter  I think its a good strategy if you execute it well.      

What information would you need from me as your bird dog?