If you stay diligent and network with other investors, I'm sure you can turn that education and enthusiasm into success :)

I'd also stay in the $150k to $350k range.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

@Tonya Sanders Welcome and hope you are staying cool!

The seller would like to stay in the home longer and is interested in renting the home from us for $1500.  

It already has long term renters who would like to stay.  

I personally will never buy a condo because of HOA.instead of staying in the same apartment, why not buy a duplex/multi-family and owner-occupy one unit?

Specifically regarding the Cleveland market which several people have been discussing take a look at The Ultimate Guide to Grading Cleveland Neighborhoods.

@Menalik ArcherYou might want to listen to @Joe Fairless podcast #1054 with @Amy Wan from Bootstrap Legal for some thoughts on how to stay out of troublehttp://joefairless.com/podcast/jf1054-getting-paid...Cheers!

Your job at this point is to listen to your DB, stay calm, and communicate in a very businesslike manner.