My brain hurts but my blood is pumping due to excitement because of the potential that lies ahead of me.

I'd suggest choosing an area that looks like it has potential and then spend your spare time just driving around.

My monthly fees are as follows (handyman inspection $125, Cleaning $270 a turn (I collect this from guest), TAT&GET (collected from guest) Property Taxes, Insurance (I highly recommend you price this out, with hazard I pay $1,200 a year), internet/cable $100, Electricity $300 a month, AOAO dues $900 (association fees are increasing minimum 5% a year).  

It is a story of a potential porch pirate.  

He's already lost $80,000 in potential income and they could easily tie him up for double that in a heavily regulated market like California.Successful landlords charge market rent or close to it.

If i am holding onto this property for a definite period of time, I also will want to calculate the IRR to see how it stacks up with other potential investments that I have run into.

Cash flowing at 5% down was possible about 3 years ago—but that ship may have since sailed.Now, you’re left with two options: you can either pony up more cash per deal, or you can potentially look out of state for markets with more favorable rent-to-price ratios.Or…you can wait for rates to decline, but I don’t know how much a 100 or 150 basis point rate cut in the next year will really move the needle.That said, some firms (usually new construction companies, turnkey providers, etc.) will enter into forward commitments with lenders at institutional rates and then pass cost interest rate savings onto end buyers to entice them to purchase a property.

Where are the places that I can meet someone who I can potentially work with?

I've found a potential tenant that would love to do a lease option, or rent it with the option to buy at the end. 

I do not have loads of cash at hand, I have a few connections which I could potentially pool some cash together with.