Then do an honest assessment of your knowledge, skills, passions, and abilities.

I hadn’t heard of a compatible replacement.

With this in mind, I understand there is no 'due diligence' period and therefore an assessment of what work (if any) a potential property may require, needs to be determined quickly; ideally on the initial walk through of a property (in order to get it under contract quicker). 

Is that a correct assessment?

I’ve been doing “paper trading” to hone in my skills on assessing notes as well as getting comfortable with a financial calculator. 

The price of houses in May & June of this year is mostly irrelevant. after 30 years of studying economics as well as professional risk assessment work, I can say with a high level if confidence that we haven't seen even the tip of the impacts yet.

Here are the vitals:600k purchase with 20% downLow maintenance and tax abated for another 15 years (which made it look as a good investment)Rented out, Cash flow of $82/moBUTThe board has imposed a $400 special assessment for one year, then extended for another year, and now want to extend that fir another year (they want to build reserve funds as maintenance too low).

Have a script & assess your conversations on a daily basis; learn from the conversations. 

One thing I would strongly recommend is that you do a complete assessment of the long term needs your property will have and set aside the money for those things. 

Initially, we relied on RE agent's neighborhood comp assessment for our ARV.