Simple does NOT mean "easy" or pain free. 

I responded to you because I genuinely am trying to help you (for free).

Finding a condo that allows Airbnb/STR will be challenging, they're rare and cost more because of it. 

Imagine if it cost 1000 to send out 50 letters but half of them responded and half of those wanted an offer and half of those accepted an offer and half of those closed and half of those resold for a net 50k. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I'm hosting a local meetup in Mankato, feel free to shoot me a message if anyone is interested in joining!

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

Also you should inquire with insurance agents about the cost to insure.

I am estimating the note would cost 2.5k per month at most. 

If you have any questions about market analysis or how to get started, feel free to reach out.