How do you feel about drive four hours total to manage a property?  

If your tenant can afford the total nut on both mortgages why can't he afford a higher rent?

First point total lets me know who to run credit on and making phone calls on.  

I do all my own repairs but would be contracting for big jobs.Here are the details:Sales Price: $299.9 (working comps)Total Income: $3.3k (rent) + $325 (other) = $3.7kTotal Expense: $2350 (mortgage) + $400 (Water) + $409.8 (Vac) + $372.5 (Repairs) = $3.5kCash Flow: $192.75Annual Cash Flow: $2.3kDown Payment: $0 because I'd try to solely do this with HML upfront and then refinance in 6 months with bank.

Total rent is $600 for this unit.

But was a total fluke. 

This is not to mention allocating the bills, going after the tenants is a total PITA.

.- I am totally aware of the problems with condos.

For example, I work with one lender who will offer 75% LTV on the purchase price (NOTE : sometimes hard money lenders will require first time investors to stay at 70% LTV) plus 100% rehab so long as the total LTV does not exceed 90% of the purchase price. 

Rates have gone up and they will continue to, so if home prices do not go down, the effect of the total cost of the house will continue to go up.