This will eat up profits and require a lot of time. 

but even if I do get a deal wouldn't their commission eat my fee?

After a year on BP and eating up all the info I can get, real estate is incredibly dense and all the greats made major mistakes during their journey.  

That right there eats up your margin on the Purchase Option.

I would take a hard look at what types of expenses are eating up the cash inflow.

You don't close, you don't eat. 

The challenges are:Condo association may not allow you to rent them or only allow for certain amount of time.Association fees eat into your cashflow and if they get raised or there is a special assessment there's nothing you can do.If there's a problem with the tenant and they break one of a hundred association rules, you're caught between them and the association.

Don't go less than 40 grit, it will eat your floors alive... 

Obviously it eats away at profits if the landlord is paying for certain utilities. 

When I get in this mode (which thankfully is few and far between) I eat, sleep, and breathe everything there is to do with the topic until I think I have a good enough understanding to talk with the smartest on the topic.