In Dallas, my office has covered reserved spots (mostly empty), other offices can't charge enough for low garage reserved spots.

Another nice thing is that the management fees are also covered. 

This prospect, though small, does excite me, since it can be my first baby step in real estate.In Brandon Turner's book about no money down real estate investing, this strategy is not covered.

FYI, I always make sure the windows have coverings available, and that the shower has a curtain if it doesn't have a door.Aside from that, I would consider tile in the kitchen and bath areas, and pull that carpeting out and replace with wood or vinyl plank flooring. 

Your ownership of the condo is from the drywall in, so you only have to insure the interior, rather than the exterior(the HOA covers the exterior).

As I do not want to put down more than 5%, but will need lending to cover the rehab.Second Question:  Is hard money lending a viable option for this use-case? 

Save up enough so that if you buy a place and the roof caves or all your hvac units explode, you have the funds to cover it.

Vacancy should be projected to at least cover one month of rent.  

They covered everything but carrying costs. 

Since we are able to save $1000/month and the P&I is only $700/month we could cover that if the currently rented unit becomes vacant.