If the community is well-managed and there’s good rental demand, a condo could be a solid choice.

Might be an additional cost there.If units are updated, capex items look good, leases and tenants look solid, and there are no other regular expenses besides the 5200 in insurance/property taxes then I like this deal.  

Regardless if you invest in state or out of state find yourself a solid agent who knows what they are talking about.

You’re in a solid position with this property, and it’s smart to weigh your options carefully.

If you’re ever looking to invest in Florida, @Josh Green has a successful STR operations going on in the Tampa Bay Area that is providing his clients with solid returns year round.

It might be wise to remove the listing, and relist as a brand new place now that you have a solid cleaner.Some of the comments show that the paint has issues etc.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

Quote from @Stepan Hedz: That’s a solid list, and I completely agree that these types of real estate investments can be risky for those without direct experience or proper guidance.

Sometimes it's nice to get a new lease so that you can increase the rent right off the bat, but having tenants with a solid payment history is worth so much more to me.

Pretty solid appreciation in that area with an average of 5-7% per year, and it's also close to a lot of industries like the Chrysler plant.