The challenge for a PMC is having the time to answer all your HUNDREDS of questions and handholding you as you learn, while still making money.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Maybe start with some smaller jobs before going all in.

All great points, thanks Dave! 

All responses are greatly appreciated.

I see far too many people spending all there time chasing property that they cannot buy because of lack of funds. spend that time making money first and then go after real estate. 

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

I know that my current cash flow is a result of the unit being my primary residence first, and that not all units will cash flow like this, but can't help the feeling that I should be expanding my rental portfolio over the years.

@Polat Caglayan we can answer all your questions, yet you avoid setting an appointment with us.Very interesting approach you choose...

Make a long list of all the lessons you have learned.