Even with the balloon, this is more typical for owner finance. 

Sure they paid me both times, but that's exactly what a ponzi would do.Thanks I would be mortified if any of my investors even had a thought in the back of their head that I was running a Ponzi scheme.

Keep in mind - even with the PM you still have to pay the maintenance on top of their fee - and like I said - often it is over-priced.

I’ve been coaching new investors for a while, and I always enjoy hearing about what brings people to real estate.

As the investor gains experience, they are not only able to more successfully foresee the “bumps” along the way, able to handle recessions, temporary negative cash flow, unforeseen capital expenditures without panicking, but will also recognize the opportunities necessary to turn a loss into a break even.

Or, what if the new interest rate is even higher and you are stuck at 6.5%? 

Anytime something seems even just a little off, REPORT it, just to have it on record. 

Yes, I am a property manager but even I use a 3rd party PM for my properties that are out of state.

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

Many people invest in real estate using an SDIRA or even better a Checkbook IRA.