For my answer, I'll assume it took years to save up the $80k, income is "normal" (meaning you are not making $500k+/yr), and you are moderately risk adverse.If those are correct, then first off I would not spend all the money.

Make sure you are handling the security deposits correctly.

Red River Gorge...New Mexico, correct?

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

In general, i think Stuart is correct.  

A landlord is responsible for ensuring there are no places that are letting the rodents in and for correcting any places they are getting in.

It seems the initial APR may be lower than fixed, is that correct?

I don't think unemployment is at all correct. 

Along the same lines, the buyer who can barely qualify for the entry level SFH is acutely aware of their cash shortage and therefore are going to be less accepting of household features near the end of their useful life, even if still functional and have a stronger desire for anything that is listed as a deficiency on the inspection report to be corrected. 

Right now, we’re seeing a slight increase in inventory and some corrections in rents, which could create opportunities—but achieving solid cash flow on a condo can still be challenging.Getting pre-approved is a great first step to narrow down your options and focus on locations that make sense for your goals.