Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.

Nate I would use a low money down owner occ 2-4 unit loan which allows the highest DTI possible.

Slowly and surely, you will make a lot money.

Quote from @Frank Pyle: My client recently purchased a home with a hard money loan and have successfully rehabbed it for use as an Airbnb rental.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Suggest you pester them with questions to learn the eviction process, so you can save money in the future.

Looking for any input or advice on how this strategy actually works.

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

Did you use a hard money loan for this? 

You’d be shocked by how little actual screening many PMC’s do!