The only renovation I would physically need to do is to add a front door, kitchen and a partition wall to create 2 separate 2 bdr units.  

Maybe the roles of the people involved need to be clarified.Does First Services Residential manage the Condo Association as an Association, such has keeping books, monitoring for violations, managing contractors, etc (and therefore subject to the regulations) or does it simply do physical repairs to the common and limited common elements?  

You may have to deal with pet, smoking, drugs, non payment, divorce, firearms, abusive tenants, physical damage, unemployment of tenants, physical disablement, disruptive children, disruptive visitors that come and stay, fire, natural disasters, management, all or some of the above and much much more.

@Barri Griffiths, I would use the current one as a guide but I wouldn't use less than 10% for total physical and economic vacancy.

For the 203k, work has to be started within 30 days of purchase, completed within 140 days.Do you plan to physically do the work?

I've only ever brought a physical check to closing at the title company. 

I know I should find out more about the neighborhood (I haven't physically visited yet - it's been all online viewing.)Not sure I'm giving enough information to get input - just curious how to even begin assessing something like this...

This will be my first purchase and I see a lot of potential but I wanted to see if anybody has any experience in buying out of state using a low to no money down (I.e va loan, fha, etc) without physically occupying it, or would I have to deal with a 20% down payment?

@Danny Ondik people throw around a "rule of thumb" as if it's a basic law of physics that can't be altered.

@Clayton CrawfordIn the age of the internet, digital photography, and Google Maps, I'm not even sure why you would need to physically look at 50-100 properties that "don't meet your criteria."