Derrick:Arctic Char is not bad eating ... just an oiler salmon.A friend of mine studies (or studied) Gurry Sharks (called eqalussuaq by the eastern Inuit).  

Remind them of that when you are presenting your final offer.If they balk,walk out on them and let time eat at them a little and then give them a hard deadline to accept the deal.Never let a seller know how much you really want the property.Make them really want to sell it to you.

If you buy this year and they reasses next year you could be paying much higher taxes next year eating up cash flow. 

HOA's no doubt can eat up a lot of expenses, but you can still make it work like any other property. 

Add court costs on top of your lost rent for a year or more and you quickly understand why it's better to just let them move and eat the cost of finding someone else.

Patrick Philip You need to know if the original loan has any prepayment penalties (which are often 5% of the loan amount in the first year) which can eat into equity.

Also a recommendation for a decent servicing company for small loans would be helpful as the payments are not as big so fee's could eat profits easily. 

It's a huge mistake because your increased tenant turnover and turnover costs will eat up your cash flow.

In my own home, I was in the process of a refi, but after the appraisal came back at $70,000 more,  I am backing out of it and eating the appraisal fees rather than the refi fees.

Also, you get taxed as a short term capital gain which eats up a ton of profits.