The current owners recently retired and want to move out of state and are looking to transfer the mortgage vice selling the property.

A shorter agreement is better for owners and vice versa.

Always take your budget and double it and then look at the time frame needed to rehab and triple it, or vice versa or just triple everything when the main line bursts in the middle of the night. :) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

But beware, a good PM isn’t always a good Sales agent and vice versa.

.$2200 (rent) * 0.5 (50% rule) = $1100 expensesYou did not indicate your LTV so I will use 90% LTV in this calculation   Higher LTV will make the cash flow worse but the ROI likely better and vice versus for lower LTV  $2200 (rent)  - $1100 (expenses) - $1060 (debt payment at 90% LTV) = $49/month cash flow.  

It is more risky for a lender to lend on a un-warrantable condo vice one where the majority of the units are owner occupied. 

All that being said, I think a good flip is also a good rental and vice versa.  

Thanks, Captain Obvious!

I work in the petroleum field as a sea going captain, and have my own worries.

It would be nice to possibly compare notes after this next rent payment month is due... who know's maybe we'll tailor our approach to be more like yours or vice versa.