The balance on the condo books would have been accumulating while only a years worth of maintenance would be collectable from the bank, but from a non-bank party, I believe they would have to pay all of the association fees that were in arrears.

This doesn't include insurance, maintenance, cap ex, leasing, accounting, or any other expenses! 

Another thing to consider is Taxes, Insurance, and Maintenance.

What I've been doing is some quick math on a spreadsheet - throwing in the taxes, anticipated rent, and some percentage based costs (10% vacancy, 10% maintenance, etc).

PREVIOUS FORUMS SAID THE VALUE OF A PM CO IS 100-125% OF ANNUAL MANAGEMENT CONTRACTSWHERE IS THE VALUE OF IN HOUSE MAINTENANCE BILLINGS INCLUDED? 

Wondering if some of you out of state investors can share their routine and/or strategies on finding and investing out of state.

You will have more maintenance costs maybe with them but your cash  out of pocket is lower and higher ROI.  

I also consider the current condition of the home, the long term maintenance.

What Is The Best Way To Decide Maintenance Urgency Items?

Seems like you are at the point where you'd rather turn over management to a designated property manager/management company, rather than dealing with the day-to-day maintenance yourself.