The costs involved with buying (and selling) add up and even if the property value increases, those costs are likely to eat up any profit that might be made in the couple of years you are there. 

The high cost of utilities, snowplowing, internet, cable etc. can eat up a lot of the profits if not rented consistently. 

A few minutes later I sat down at the table with my family to eat.

@Russell Redford Congratulate your wife for her scepticism; last thing you want in this business is RAH RAH and gullibility; the sellers and tenants and situations will eat you alive.

If so this essentially eats the majority of the returns of the property rendering it a poor investment.

That includes protecting your personal home and using other peoples money on the investment home and not eating into your equity which you will use in the future when your family grows out of the current house.

And of course there's the dreaded HOA fee, which often eats away your profits.I would also check to make sure the HOA is in good financial shape and the building doesn't need any major CAPEX right now.

Also, unless you have a lot of money, most people we putting their eggs all in one or two baskets, which increases risk.

The cost of sales would start to eat into your profits, though. 

@Jim S.I really resonate with this chicken before the egg feeing - do you find a deal then pursue funding or the other way around?