Now that I some money saved up, my plan was to put a down payment(FHA loan) on an apt for around 200k-250k, size, condition, and location is similar to my current apt.

Lender isn't going to give conditional commitment with no specific property (nor would a private investor with no actual "deal").Just wondering how this has been navigated by you experienced folk. 

You might also have to put in some work to get the deal in some houses and get them to rentable condition.  

Perfect location and in superb condition!

On the flip side, if you pocket the money and let the PM service suffer since you travel alot and can't answer tenant issues such as leaks and other important issues on a timely basis, then it may backfire and cost you more by neglecting your tenants and unit condition...

How do you document the condition and handle enter\exit inspections?

Hi Vadim, If you have a real estate agent on your team, they can search the area near you for closed leases on properties comparable to yours, in age/condition/square footage.

There is no condition that prohibits listing a property and selling as-is.  

Other details: The home is less than a 5 minute walking distance from the train station (<40 min to NYC); the neighborhood is what I'd estimate a Class B+; the home (from pictures) seems to be in OK condition but may require some touchupI understand this is an owner occupant deal since I'm using an FHA loan, however I just want to run the numbers assuming it is fully rented out so I can judge based on its cash flow merits.Finally, if this is a good deal and I should pursue it, how exactly do I get it?

The old laws on the books, if enforced, were sufficient IMO.I guess the gov't wants all of the hundreds of thousands of people living in "Lonnie deal" homes to instead just rent their homes and deal with the cut-off water, the no air-conditioning repair, the roach and vermin infestation, the leaking toilet, the broken dishwasher that their landlord refuses to repair while the local courts get an influx of eviction cases.