We were thinking about moving in 2-3 years and keeping this TH for a nest egg later on.  

But if you are in the same area, the only likely way you can come out ahead both financially and time-wise using a PM is if you have a very shoddy property in a very shoddy area - paradoxically, the same properties most PMs don't want to touch because they eat up a lot of time. 

So before you end up eating the bill, I’d definitely push back on the HOA. 

If you want a more concrete list, some of the worst ways to spend money (in my opinion):Going to the movies, buying drinks out regularly, trendy home decor (that will soon be out of style), buying a new car, eating out regularly, impulse buys (of basically any kind, to include travel unless it's an insanely good deal), books you won't read (if you know you'll read them it's fine), anything to "keep up with the Joneses", basically anything that won't last. 

This could eat up your cash flow and set you back if you're not aware of the implications.  

A $400k house in closing cost  will eat that $20k

This is because the units are usually older and the maintenance fees are higher, thus eating into the cashflow.

If buying the property will eat up all of your cash reserve, then you're better off saving more money first or finding a partner so that you can increase the amount of available cash that you have at your disposal.

You also have a decent amount of deferred maintenance that would need to be addressed in the near future that would literally eat up all your cash flow for the next few years. 

It's only a stepping stone to break free.While you are slaving, eat ramen, roommate up or live in trailer, avoid Starbucks and tuck every dollar you can squeeze out into a bank account. need 20% down and money for materials. so for 80K home (trashed), you will want 35K banked to get started, just a rough idea.Then, get pre-approved.