We're not sure if the best move would be to sell our current place to buy a property that we could live in for a year and then rent, or to somehow just buy another property.Since we only put 5% down on our condo, our total monthly incl tax, insurance, HOA is $2246.

After the COA/HOA fees get taken into account it's tough to make money with an entry level condo there.

Anyway, I would buy a property in a neighborhood with no HOA and needs cosmetic work, like fresh paint, cleaned, possibly floor/carpet replacement or just a good carpet cleaning, has good mechanical system (HVAC under 10 years old but Max 10 years old).

Rental numbers Month Year Purchase price $225,000 $225,000 Gross income $2,330 $27,960 Property tax (2020 rates) $150 $1,800 Insurance (need quote) $70 $840 * Electric (36 month average) $210 $2,520 * Gas (69 month average) $120 $1,440 Water (Private well) $0 $0 HOA (None) $0 $0 Vacancy %10 $233.0 $2,796.0 Repairs %10 $233.0 $2,796.0 Mortgage ($225K) $950 $11,400 NOI $1,314 $15,768 Cap Rate 7.01% COC %100 financed 7.01% COC %80 financed %20 down 35.04% Net income after mortgage $364 $4,368

What she is asking for a down payment, interest rate, monthly payment , ballon payment over how many years, HOA fees and agreement, things like that in order to do the math and see if the numbers work?

So renting a room out would help me out but I am still going to end up paying a lot with the remainder of the mortgage and possibly HOA.

Does your HOA use a third party company for the utility? 

@Monty Panm @Julie SisnroyCertain parts of Osceola, Lake & Volusia Counties offer "newer" homes in the 300 +/- range with solid appreciation and net positive cashflow after PITI & HOA. 

Even if that was possible, you may not have any cash for reserves, maintenance, repairs, missed rent payments, HOA fees, etc. 

I think this one is tough, because it has a huge HOA.