We plan to use the condo as a second home periodically throughout the year, which may provide better finance rates than a pure investment property.

Flipping is purely about research and understand the buy prices.

It's nice to have a roommate pay some of your mortgage, but you may need to plan on living there several years until the numbers make sense as a pure rental.Though the PB life is invaluable and I would never trade my time there, it would at least be worth exploring some multi-unit properties in the east and northern parts of the county.

My highest for a pure rental is $1,250.

Hi @Enrica Binion, I'm a real estate investor and own a bookkeeping & fractional CFO firm that purely serves real estate investors.

Of course, there are WAY too may variables to call anything average, but I can easily spend that much on a unit left in good condition$150 - carpet clean$200 - cleaning$100 - yard clean up$400 - paint touch up$150 - misc repairs - HVAC filters, batteries, door stops, etc.This is already $1000, so you see how you can easily reach $900 during a turn over.  

If it is purely common, the HOA will have some responsibility, but even so your personal policy will come into play as noted previously.

.- We bought extra's of items we know go missing, like steak knives, towels, and other kitchen items our cleaner knows where they are stored- We bought smoke detectors that don't need batteries, again one less thing.- We had leaks on 2 of our 3 faucets, we had a plumber try to tell us they had an O ring and could fix one of them.

@Anthony CummingsCleveland OH is a great market for purely cash flow. 

There's no right or wrong answer here, it really boils down to what each side wants and whether the other side thinks it's fair.From pure negotiation standpoint, the fact that you are looking to take this investment after the deal was already started, that tells me that you need him more than he needs you.