The math works and based on the capital I have to invest it's not a price point that is outside my comfort zone.

And no dont do pink tiles becasue that is what one person wants for their 7 year old daughter - that is too limiting.genrally people want clean and comfort and ease - so if one item is not going to look clean with usual wear get one that will (usually black shows the dirt, as does stainless) - an as has been said, the inexpensive touch ups like nice hardware, a better countertop finish that wears well are the things you will want - think back to your life as a renter to help.

Hence you should be maximizing profit. 

I'd say do the deal you are comfortable with and then keep moving on.  

Also, how does one develop a comfort level while investing out of country?

I would also invite the past owner to help make the transition easier and more comfortable with the tenant.

The HOA's have a million restrictions, they can change their bylaws at any time to forbid rentals, and the lack of control is not something I am not comfortable with.  

But in the next 3 months I should comfortably have an extra $7,000-10,000.

Finding good contractors is a challenge. 5) You should do as much work as you possibly can if you want to maximize money.

I would like to put down as little as possible to have more reserves and comfort for the big $350k rehab needed.When talking to the seller, he seems very tired of dealing with it and collecting cash door to door each month.