I can tell you with confidence that Many of my clients have done both and it worked out.

I have a client that bought a condo to rent after living there and the HOA ended up outlawing rentals.

Bunch of realtors come on a spout off that their clients cash flow from day 1 all the time.

We value the opportunity to work with clients and partners in the real estate community.To address @David Ramirez' suggestion, if any title issues are found, the earnest money is fully refundable.

For what it's worth, I tried to run your numbers using the proforma I use with my CFO clients and I'm getting an IRR (average annual return) of nearly 23% (see page 2): Kalamazoo Properties

*This post does not create an attorney-client or CPA-client relationship. 

But the moment you say "well that sounds awesome, can you get that over to me in writing" it instantly turns into uhm's ah's and but's. 

A client of mine in Maryland added smart home features to their rentals and boosted rents by 12% with minimal investment.

Great Lakes Credit Union HSBC 70%, for premier clients only Huntington 75% LTV Hurst Lending and Insurance Investment property HELOC in Texas.

While I don't know the nuances of the market, I do have a client that's a real estate investor and agent in Phoenix that could probably give you some suggestions.