The monthly payment is only ~$720 and the interest rate is fixed at 8% fully amortized with no balloon. 

I'll restate that there are no lenders that are "signed-up".

When I first started, i called 5 owners and all of them told me "NO".   

-Interest rate of 5% is much lower than market interest rates. 7-8%+-There are no capex reserve considerations included. 5% is a starting point.

Manage cleaning (and inspect the work of cleaners).

Quote from @James Jefferson: Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water.

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.   

It is a TON of work but you only need 1 to 2 deals per year to live the good life.

*Selling Expenses – Realtor commissions, closing costs, and staging expensesA good way to gauge the maximum investment in a property is the 70% Rule, which states investors should pay no more than 70% of the after-repair value (ARV) of the property — renovation costs included.

Work with a qualified tax advisor on filing all of this including filing the 990T return for the IRA.