I am hoping to buy a condo as my first rental property.

Word of warning, Condo's are notorious for High HOA.  

Purchase price: $40,000 Cash invested: $10,000 6 bedroom home used for college rentals (in my city we can only rent out 4 rooms).

Feel free to chime in.My personal favorite investment has been a 3 bedroom/ 2 bath towhouse that I acquired back in 2012 when the market was just starting to come back in the Phoenix market.

@Rizwan Alam I can't help you with the condo however I can offer you some advice.

Last year my grandmother sold her condo because she was no longer able to live alone; she is currently living at her sister's house until we can find a more permanent solution (was originally hoping for a nursing home, but she is opposed to that idea). 

We finally got approvals to build 3 condos.

@Robbie Pollock Jr If you don’t like fixers, you can look into condos, which most are fairly new and cheaper in price than SFH.

I currently own a 2bed/2bath condo that I purchased back in 2011 for $95,000.

2 Bedroom rents for $800-1000 depending on condition.