Mostly worried that even if I find a place and the money, that I'll be making a big financial mistake and have little left to cover unexpected costs.

ALL mine are 2, 3 %ish rule, all in 75k, rent will be 1700, All in 90K, rent will be 1800- 2k, all in MH 95k, rent will be 1700ish, 1% is VERY easy.BTW NEVER buy the prop just because its the 1% rule, MASSIVE mistake.

Does this in general eliminate the possibility of doing part-time STR in condos?

Even if you could it all you're doing is deferring taxes instead of eliminating them. 

I've learned the hard waySmart men learn from their mistakesWise men learn from others mistakes 

Hi all, I want to start the conversation about common mistakes when doing a BRRRR. 

I look forward to learning as I go, but I'd also love to hear your advice and common mistakes to avoid.

This tends to eliminate appraiser incompetence and requires adherence to guidelines set by the Appraisal Institute.  

I was trying to eliminate or reduce the taxes.

Its a big mistake that many owners make, not allowing pets.