Looking at buying my first piece of property and finally found a condo I like in a great location, under budget but the HOA is stringent on rentals (all leases must be approved by HOA, approval process seems lengthy and min credit score is 700 FICO) should this be a deterrent for me in terms of buying this as rental property?

. - You need to be the best in terms of knowledge in your specific asset class. 

At the end of the day, the proforma has a challenge in providing quantitative analysis in terms of possible costs.  

You are in a good position in terms of employment, assets and current living status.

B) The pros and cons of having two properties instead of one (especially in terms of liquidity).

In terms of quality SF houses, nothing beats a property that would be attractive as STR, but that model seems whoefully overdone, and is currently suffering.

You seem pumped up to do this, but do it first at a local meetup (in terms of connecting with people) or else you are just going to get a bunch of people trying to sell you services or on how good they are.

Gradually increase the rent or be flexible in terms of them moving giving them time to find a new place without penalty of breaking a lease.

Hi @Somesh MukherjeeFellow lender here - Not sure where you are in the process but as Matthew said - location is top priority, not just in terms of the tenant pool but depending on the loan program you're seeking (say DSCR), the comps in the area can also impact your appraisal and what rate and term you'll qualify for.

People who are just thinking in terms of cash flow are missing a huge benefit.Say I have an 8 unit with rents at $700.