It's positive cash flow, but you should aim higher.

Make sure you get an owners title insurance policy. 

I aim for 20% cash on cash return excluding vacancy and maintenance AND 5-10% equity remaining (all in vs.

The people I aim to drive to my blog are commercial real estate brokers and investors.

While this tenant may end up paying it's bad policy going forward.Get them on an ACH service since they have money.

If you use a hard money lender on a real estate rehab deal, keep an open door policy, especially when times get tough.

Another test of this is to see what the condo corporation's insurance policy will cover and what your condo contents insurance policy will cover. 

I have read that a builders risk policy is the way to go.

That is not to say in contrast, that complete strangers do not convey interests with little or no warranty or guarantee, since they do, it just means the Grantee in such cases should realize they must defend title on their own and no warranty is being made that a claim exists.It is important to note, "protection" for a property owner will reside mostly with the insurance policy held for the property and not with the limitation of liability created from the LLC.  

I would also recommend a good Umbrella policy that can cover you if your General Liability runs out.