You'll also want to check out major items like the roof and heating system and see when they're due for replacement, whether the condo fees have allowed replacement reserves to be built up or whether they're running it pretty close to the bone, whether any special assessments are coming up, etc.For me, real estate investing is complicated enough already, that I usually don't personally feel that adding more complexity with having to deal with a condo association and its politics and finances, is worth it, but if I was getting a steal, or I already knew the association and had confidence it its players and finances, I guess I could conceivable do it at some point.

I'm sure I could have negotiated for seller finance given time, but because of what I walked into, instead of fighting an uphill battle and trying to overcome that pre-conceived notion I offered a similar creative finance option that was called something different.

There is a ton of information on every conceivable multifamily topic, and many recommended books on various MF investing strategies  If, after reading in depth on a particular topic, you have some specific questions, then ask away.

If there's extensive plumbing work needed, and you're pulling permits and using different trades for plumbing and electrical and carpentry, and installing high-end cabinets and a custom counter top and top quality appliances, then spending $22K is conceivable as well.

There are conceivably other scenarios as well, but pretty limited.  

@Carla Faith maybe set aside a chunk of the money to enhance your security is a couple pay off a bunch of student loans mortgage debt set up a college fund for kids whatever.After that come up with the amount of money together that you could conceivably lose without it being a huge crisis use that as the seed money.

Conceivably, it could be zero (although I highly advise against trying this).

What a great write up-I am almost embarrassed by my pre conceived notions-you nailed it!

I've been leasing a detached house since Feb of 2019; roughly 30 months, with a yearly lease (which goes up every year)I don't want to get into a ton of back history between the landlord and I because of any pre-conceived notions some might have, but I will say that I have never been late and have always made my monthly rent by the 1st (occasionally earlier). 

., etc.)...On the flip side, I suppose it's conceivable that there's an HOA out there that is completely pro-renting, that has locked-in and reasonable fees, that could never change its rent policy, that is competent, and that would make your business run more smoothly (if you find an HOA like that, I'm sure we'd all be interested to learn about it!)