The rule of thumb is 50% of rent will go to expenses NOT including debit service.

And thank you for your service!     

No Land Contracts or Contract for Deeds.I also use a 3rd party payment servicer.  

It is also true, the better the website, the better the response, and there are a plethora of web site gurus out there offering services to those who need them.

Quickbooks, which has a very large, existing base of knowledge and service providers.I have an education in the typical accounting given in business schools (Managerial, Financial, etc.), and plenty of knowledge of Excel (I've written VBA overlays for Excel that counted thousands of code lines).

Also a recommendation for a decent servicing company for small loans would be helpful as the payments are not as big so fee's could eat profits easily. 

Solid reserves, meaning if that 25 hours/week becomes 15 hours/week for a few months you'd still be able to make the payment (believe it or not, this sometimes means that 5% down is stronger than 10% down because it means I can point to that 5% you are keeping in your pocket and say "reserves!"). 

Once you're able to communicate with the property owners, the servicer on the note can contact the note holder to see if anything can be worked out. 

As always try to have a little reserves for unexpected fixes .

My question regarding condos is: does anyone know which subdivisions/communities have fairly healthy associations as far as reserves, not too many rental restrictions, etc?