Lastly, houses are very complex systems.

Typically, the bank only covers 6 months, but you'd have to check via title search or with the HOA board.If you're able to hold it for a year, refinaince and get cash back, this could definitely be a home run since you'd essentially have most of your initial investment back and then after refi, your cash flow would be $479/mo +/-  assuming HOA fees don't increase too much.One last question: does the HOA docs restrict using the condo (or a percentage of the complex's condos) as rentals?

I was on the east side of Baltimore much of Friday and all afternoon yesterday, not just to the north of the Hopkins complex.

@Ramsey Kheshenthis is a long shot but I listed a 8 unit complex here with seller financing that you could take a look at.

Multiple LLC's have also some expense and certainly hassle associated with them. in Oregon we're charged annually and then there is more complexity with accounting plus annual taxation costs.

Non-recourse loans, at 80% LTV, 10 year fixed rate, 30 year amortization, interest only for 1-3 years with low rates are common in apartment lending for stabilized complexes $1 million and up.

However you bid also determines you effective interest rate via a complex formula many bidders do not understand.As @Dustin Haviland  mentioned, you need to know the true value of what you are bidding on, not just the tax assessed value. 

Process doesn't seem to difficult or complex to evict the tenant.

Our future REI interest is mainly in multifamily units and small apartment complexes. 

http://www.har.com/content/newsroomHouston Real Estate Highlights in August Single-family home sales rose 8.2 percent with a total of 7,914 units sold —the greatest one-month sales volume of all timeOn a year-to-date basis, single-family home sales are up 1.5 percent;Total property sales rose 7.1 percent to 9,319 units;Total dollar volume shot up 10.6 percent to $2.6 billion;At $225,000, the single-family home median price rose 4.2 percent to an August high;The single-family home average price increased 2.4 percent to $289,519, which was also the highest level for an August;Single-family homes months of inventory climbed to a 4.0-months supply;Townhome/condominium sales rose 5.1 percent, with the average price up 1.0 percent to $202,669 and the median price up 4.0 percent to $156,000;Leases of single-family homes were down 2.2 percent with average rent down slightly to $1,878;Leases of townhomes/condominiums rose 5.7 percent with average rent down 2.6 percent to $1,604.