For newbies, I recommend starting with a turnkey cash flow rental.

There's no reason to provide details, though I do let people know if anyone asks that we do not accept bulk up-front rent payments or anything like that because I absolutely do not want a prospective tenant to think that someone else swooped in with a bunch of cash last minute.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

Any positive cash flow should go towards paying off debt.

In a market like this you will get in the way of obvious appreciation.Then you can look for a deal that cash flows in your favorite market market. 

There's a monthly cash flow 101 game in Bloomington through MN REIA.

The substantial cash need for large down payment or all cash that most others don't have .

The appraiser is there to determine fair cash value.

Rent by room / house hacking / co-living should deliver significantly higher cash flow than a traditional rental.