Your broker will be able to tell you their policy on commissions.

The "perceived" savings are rarely worth the aggravation, and many times they do an incomplete title search, with a title policy that Exempts (section B) unrecorded, but findable liens.

Many investors here in Miami don't ever see rents equaling 1% of their purchase price although that seems to be the mark you'd want to consider aiming for.

@Steve Vaughan  your a student of the STeven Vaughan scorched earth policy.. .good job understanding that you NEED some MONEY to make Money in real estate.you may want to get a money partner...

I am a broker too; I have abundant capital but have the hardest time finding deals that fit my policy portfolio. 

In addition to understanding applicable landlord-tenant laws, be sure to thoroughly read through the condominium's governing documents, particularly any policies about renting.  

Just a heads up to check both your Homeowner's policy and Rental Insurance policy to see if you are covered for riot, terrorism, and civil disorder problems.

So it all depends what you are aiming for.  

I don't allow any smoking in my units and have strong language / penalties if this policy is broken.

Having a loan called or needing a commercial insurance policy can be a bigger deal.