Create a separate bank account for property from the very beginning and find a way to track your income/expenses.

Remind her that the place was rented as is for $1200 and that only one person can be living in it. 

If you miss the HOA payment, which is different than the transfer fee, the person on title will be notified to pay up.

But from personal experience, your penalties and taxes on early withdrawing from any IRA or 401K can total from 35 to up to 50 percent.

Baselane is a bank that has bookkeeping and property management capabilities that are included for free.

So, while I haven’t paid a dime for those, I have met some people who have - who still have nothing to show for the investment, not one I know personally.

We have a contractor we have used for her business and our personal home that is amazing and extremely reasonably priced that will do rehabs.

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

Having mortgages does reduce the amount in your bank account at any given time.  

There are also other loans that your local banks likely offer that only require 5-10% down when you occupy the property.