It had 22 of the 25 lots occupied but we'll be fixing it up, filling it up, billing back water and raising rent up to market.

Water issues are the most common. 

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.

Community water, and electric are at the street.

I also own a water restoration and general maintenance business in the area and the amount of STR owners that we have spoken with is insane.  

You should look for an "investor-friendly" PM company that knows how it is just dipping your toe into the water of buying a home/condo/townhome.. 

My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water.

Licensed with permits ~$4,000.Full replacement of all water supply lines and shutoffs from the interior water meter with PEX and an open basement.  1 kitchen 1 bath 1 laundry. 

Generally, homes closer to the water are more expensive.  

You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots.