This sounds like poor screening though and this situation is a result of that.

You need to determine what the comps are using and make your decision accordingly.That said, what flooring store do you work for? 

Essentially I will either invest in my local market or work with his company but have yet to make that decision.

I wouldn't weigh the decision based on SE income, you would want to figure it out based on total income. 

just by networking and letting people know what you do there are plenty of people who are time poor but who would like to give you money for a solid return on investment.

If you follow all the rules you will avoid any gain on the property you sold, remain invested in productive real estate, and receive the whatever tax benefits remain in owning a house after any tax reform is completed.This would entail many assumptions and an after tax cash flow analysis but I think the best and worse case scenarios would give you some comfort in making a decision. 

Because it illustrates just how poor an investment it would be to have $165,000 invested in a condo that only pays you $700 a month.

I would use this to help with financing decisions.

I really don’t want to put my money in this and then later regret my decision so all advice would be greatly appreciated.

Consider grabbing a newbie realtor who's hungry, have them let you into places/fill in the blanks in a solid contract, and trust more in yourself for decision making.