Also when you are under contract and get condo docs, make sure to read the meeting minutes (for the past year if available) they will indicate if there are any talks of an upcoming special assessment (which you don't want).

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

Are you looking for guide and advise of an expert on the market or a pass through agen?

If you care just about positive cash flow (and you don't care about population growth, macroeconomics, or appreciation), definitely go with Cleveland.

Then there are the challenges with Section 8 tenants paying utilities and taking care of their rental property.

They are billed as "a scientific approach to single-family rentals" and use "institutional grade property management," which usually means they are a tech company in real estate and likely either don't have the existing property management relationships in each area or you chose an area where they don't have enough units through Roofstock for the PM they chose to care.

If you can care a hell of a lot more about your investors returns than the competition you will be fine.  

Explicitly tell them what you're paying for it so you can get the exact number.Also, we do a 25% property tax relief in SC under the ATI bill - so if you fill out that form, you will get a reduction for 5 years.Info below:ATI Real Property Tax ExemptionSouth Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of anAssessable Transfer of Interest.

Because with an HOA in tow that means your not doing it alone, you have active "partners" who will be taking care of a slew of things so think of it like training wheels. 

I know this is more of an open-ended discussion than a specific question, but I’d love to hear your thoughts.