Now, I never buy a property without at least 4-6 months reserves on hand.

•Be cautious about buying “as-is” or waiving inspections just to get a lower price.

Do you ever see signage near the road that says "we buy houses" call that number and have a conversation!

Does anyone know if buying a condo in Miami is a good idea?

But if you buy the property well, your downside risk is that it is short term rentals don't work, and you can simply sell it for hopefully no less than what you paid.That would be my mindset.

@Chase AlexanderRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I did not come back to revisit this post from so long ago.I did not buy this property. 

If you can take that and buy a 2-4 unit property and live in one and rent the others, with the aprox $110-120k you are putting down you should be able to be in a good position and make a much better rate on your investment.

Figure out what they're willing to pay, use those numbers to refine your search on houses you should buy. 

So if you make you buy box too tight, you will find very few deals that will fit your buy criteria.