I never got financials that I trust, so I have no idea what their expenses were.  

Condos, in general, are dependent on the financial stability of all of the owners.  

Always remember to do the math analysis on the prospective property and try to look at the subject property before you make an offer or at least have a clause that allows you the time (about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that hurts you.Right after you close get an insurance policy that will protect you if there is a loss.  

Here in Pittsburgh if I were to put in personal name I would have to pay a tax plus I would lose the protection my LLC provides.

@Tony Silvas I think part of the problem is that you are looking at this purely from a financial point of view and not the emotional part.

I’ve worked in varying capacities as a financial analyst, software engineering & product design instructor, & senior design engineer with growing startups to some of the biggest companies out there.

Not only is the money good, I'd pick up essential salesman and negotiation skills taking it serious.But appreciate the reply, hopefully I have some property under my belt this time next year.One more thing, did you use any business entities for asset protection on your property?

What should I have in order (financially) before starting REI?

There was an episode on American Greed about Remington financial.. they were in business over 20 years their target was small commercial to bigger multi or commercial.. they charged 5 to 10k DD fee's estimated they brought in over 200 million in the 22 years they operated.. by the time the FBI was done with them.. they could not establish that they had made more than 11 loans in all those years.... long prison sentences. your instincts are fine and intact.

With low financials for a first deal; your pitch, passion, and niche will be more important than trying to meet straight numbers.