You should have some money left over for improving the home too.

Keep making those little improvements for your tenants and get those rents up to market level!

This facility has some immediate opportunities to improve bottom line.

I suggest you also being on the loan if possible as it will help you improve your credit score for future purchases. 

If the area is improving and I like the location, then I’m ok going below 1%.

For example, if they presumably want to make improvements to their new investment, improving common areas, etc., can they / are they likely to force through a special assessment that will apply to all owners, through the HOA board that I'm sure they'll control?

In the letter, we tell the tenant who to make checks payable to, where to deliver the payments to, the date the rents are due and date the rent is late.In the introduction letter we tell tenants we intend to improve the property and we tell tenants that we want them to contact us and report every maintenance issue asap.As for taking over any property, there are always a hundred improvements that can be done within the first few months.

Don't simply think through total rents you'll receive minus your PITI to the bank, but rather you'll want to factor in management fees (if any), Condo Owner Association fees, maintenance and repairs, other utilities, and a capital improvements set-aside for the inevitable things you will need to improve over time.If you're looking at the income minus these expenses and still coming out with a cashflow rate that you are comfortable with, then the only question left to answer is:  are you comfortable with the risks associated with Condos?  

Since you don't own the property you cannot make any major repairs or improvements to the property without the owner's consent because if you make repairs and don't pay the contractor(s) then the contractors will file a Mechanics Lien against the property and the owner will be liable to pay the contractors.If you do repairs to the property and you don't own the property the owner can sue you for destroying the property.Should the seller decide he (or she) no longer wants to sell the property because he either wants to keep it, or he can sell it for cash on the market then he will sue you in court for whatever his attorney can come up with and you can get sued just because the contract the seller wrote has some b.s. that makes in not valid.It doesn't matter whether you are right or wrong when  you get sued because when you receive a Sheriff serves you with a lawsuit you now have to make some serious and hard decisions in regards to whether or not you want to pay an attorney $50,000 to $100,000 to settle the lawsuit that often takes up to 5 years to settle in court.How do I know all this?

But today, you have a considerable amount of equity built in paydown and appreciation to access, and you can use that equity to improve the current house and purchase more.Many people find suitable alternatives to manage a handful of properties from a distance, so even if you move eight hours away, you can do most of the managing yourself by building relationships with contractors and real estate agents, paying a small fee for them to help as need requires.Only sell if you know the choice is mathematically correct, rationally made, and leads to more property acquisition now.