It falls short of the 1% rule which with current rates is not sufficient in most markets to have achieved real cash flow after properly allocating for sustained expenses. 

These cities often provide positive cash flow even with higher interest rates.Since you’re investing out of state, a turnkey solution might be worth considering.

I'm not sure how they paid so that may or may not be a solution here...The other thing is technically your tenant owes you still, and the prior LL may be liable for fraud.

It’s a cleaner, more reliable solution, and while the higher subscription cost can feel like a drawback, it’ll save you a lot of headaches and time in the long run.

@Gary Abrams A cloud based solution would work really well in your scenario of having other family logging in and helping with management. 

Speak with someone you know in leadership or on staff and express your interest casually.Frame It as a Solution: Highlight how purchasing the property could be mutually beneficial.

I wouldn’t think this would necessarily be the correct solution in a condo unit.

Now that you have the correct terminology, you can search for lots of potential solutions. 

The fear of unknown and the bad potentials, but then sh_t happens and ya remember that we got a choice to lay down and be done in by it or roll-up the sleeves and get to work and be a solution maker. 

Quote from @HMS Realty Home Mortgage Solutions: Have you thought about starting out with the first investment of buying your own home?