A bank would have likely required at least 20% down for an investment property and plenty (I've heard as much as 6 months) of reserve cash in the bank to make sure I could deal with vacancy. 

Our reservations are It's far from where we live.

Of course this will vary on credit score, annual income, income to debt ratio needs to be considered especially since you will be having to deal with two property loans, and other general qualifications (PITI reserves).  

So thank you for confirming that buying makes for sense than renting. 

There are all kinds of high dollar bumps in the road that you cant handle if you dont have some cash reserves. 

My 2cents - do not invest in HOA community property, and if you do, make sure that they have an outstanding reserve study, no or very minimum delinquency and up to date maintenance.

Do you have the reserves to cover vacancies and repairs?

Supposedly Joe Smith has an agreement with the lender that once the loan is paid off in full, ABC Properties will sign the deed over to him (Joe gave written permission to the lender to release information to me so that I can confirm this setup and find out the process for purchasing the property; I have left a message with the lender and am waiting to hear back).   

The house could rent and provide only $80 positive cash flow per month after all expenses including property management, maintenance reserve, etc.Equity in home after purchase: $50k roughlyCash on Cash: Only 3.8% BTW: There are 0 rentals available in this area and most don't allow pets and we think we can make this our niche by allowing them. 

If you are using a reservation software which can print owners statement, reconcile the trust account among other things, then you can use:-- QuickBooks Pro (one time fee)-- QuickBooks Online (monthly fee) - you do not need the plus account as all the owner details will be tracked in the reservation software.Gita Faust