Once you find a deal you like, do as much due diligence as you need to get comfortable that it is indeed a good deal.

Unless you feel comfortable finding a deal like this yourself and doing the rehab yourself I'm not sure why it matters what they paid for it.  

I will be staying in one unit while renting out the other unit(s). 

I encourage you to stay involved in the community and see where BP will lead you.Real estate is a rewarding journey if you can put all the pieces together.  

I am not ready yet but I would love to stay in contact so that when that time comes I can bring you some solid leads for your business as well".

I'll stay on my own.  

Examples of income of this type include income from hourly workers with fluctuating hours, or income that includes commissions, bonuses, or overtime.History of Receipt: Two or more years of receipt of a particular type of variable income is recommended; however, variable income that has been received for 12 to 24 months may be considered as acceptable income, as long as the borrower’s loan application demonstrates that there are positive factors that reasonably offset the shorter income history.Examples of positive compensating factors that we like to see (1-3 will generally do it)...Employed in same line of work.Makes sense from a common sense perspective, like someone is returning to the workforce after being a stay at home parent for a while.Recently finished some training or education program that lines up with the new line of work.Low DTI.Great credit.Income trending upwards. 

on the flip side, are there any I should stay away from regardless of how cheap a condo may be?

He otherwise would be a perfect tenant planning to stay in town for a couple of yes.

Once you feel you have a comfort level of understanding then begin but, don't be afraid of making mistakes just make sure they are manageable.