I'm trying to be positive and not just throw in the towel.

Would you be a in position to perhaps work more from home?

If you take an equity position, you have to be ready to be in the "wait for your money/landlord business" instead of making money now.

@Patrick Ruff Congrats on deciding to take action and buy your first property!

If I'm making 1K positive cash flow after rehab, in 5 years that amounts to 60K, but if you pay it towards the principal in another 5 years your mortgage is gone and your cash flow is more than doubled.

In order to get positive cash flow, I'd have to stretch the rent amount just to break even.Another financing option would be to re-fi the condo again, basically re-finance remaining $66,000 amount with 20% down @ 5% on a 30-yr fixed:Rent Summary: I'd have to re-fi & put 20% down in order to have good CoC return (down payment + improvements + agent fee + closing costs), as well as a positive, somewhat plausible cash flow.

Having lots of prospects puts you in a very different position. 

When I was struggling to find the next best move and looking at his last move, he said "beginner players let stronger players lead them around the board because they don't understand the strength of their own position."

Are you financially positioned to do the rehab?

Then buy something .. look you must take action or you’ll be like the other 90% of people over 60 that are living on government programs .