That being said and hindsight being 20/20 vision, I decided to run some numbers comparing a financed purchase versus a self financed purchase of the two properties and the effects that may have on cash flow.

However, FHA has lower rates than conventional so depending on where your credit is the FHA rate + MI combination may still be effectively better priced. 

Keep listening to the podcast and be sure to stay engaged with your peers here on BP!

I want to be knowledgeable and effective in what I do. 

Capex is variable, depending on the effective age of the building and what the average tenant expects. 5-10% is reasonable.

Upstairs was damaged by fire, fire started in master bedroom and was contained to that room but smoke damage effected the entire upstairs.

so there are several moving parts we're effectively discussing.

Don't know if it is meaningful or not, but even with a $0 down payment you still are "into" the house for some non-zero amount - you probably have paid closing costs, an inspection, etc.You could always estimate those costs, and use that number as your effective initial investment in the property.

That every time a mortgage is signed and goes into effect, a "note" is created that is able to be bought and sold.

Now their price is taking off because many have been priced out of SFRs. 3) A good HOA can actually be a true benefit to a new owner in that it can more cost effectively manage some basics like lawn care, pool maintenance and other exterior chores where there is economy of scale.4) A bad HOA can cause your property to loose value even in a rising market.