You can with help minimize the risk on either one.

I would immediately lower the rent to obtain a tenant to minimize your negative cash flow for this year.

Perhaps a larger brokerage would be a better fit as long as you can find one with lower fees with good splits and that allows personal transactions with no split (and only minimal fees).

I used a NACA.com loan to minimize my loan interest and down payment.

The most important thing in every deal is to buy at a good price in order to minimize the risk and have several exit strategies.

You would likely have a little left over to start saving up for the next property and allow you to use leverage while still minimizing risk by having plenty in reserve for each property as @Spencer Cornelia alluded to. 

The padding underneath is in pristine condition, the sub flooring I could not view since it would damage the padding pulling it up, and the pile of the carpet are all brand new looking besides minimal wear and tear.

With the refinance cost and the current expenses the cash flow would be minimal.

It's a minimal amount more for down payment and gets around your issues.Now that being said, the big problem with condos typically come with the HOA. 

Then verify if you want to actual investigate the place further.Mgmt Fee- Minimally 10% of gross.