Out of that, they have to cover their expenses like E&O insurance, Realtor association fees, MLS fees, and all the expenses that come along with being an independent contractor like health insurance, car insurance, vehicle maintenance and gas, clothing, laptop, phone, etc. 

It is similar to putting money into a cafeteria plan for pre-tax health care, but this is saving money pre-tax for a down payment. 

I am scared that if we don't fix this, the bank won't refi it (we are going to keep this as a rental). 

Most of them are likely not coming back this fall due to expanded travel bans and health concerns.Covid might be a catalyst for some long term changes of the American Universities, much similar to the potential long-term change it might bring to remote-working.

@Susan TanYou also need to find out what special assessments they have charged in recent history and what the financial health of the HOA budget looks like.

Health scares for example.2.

I am needing some encouragement and words of wisdom at the moment, cause I'm scared as hell about jumping in and going for my first deal!

The only sector that fared relatively poorly was health and personal care — pharmacies, salons, barbers and so forth.

I typically invest in nice middle-class houses/communities in good schools.I have had and sat on a lecture where attornies came in and "scared" us that we must buy in an LLC or else . . . 

I can't think of too many reasons why anyone would want to do this - it's essentially bringing a partner into your ownership stake - and I can see most people being scared off by the novelty of it.