Been reading numerous personal finance books and lurking BP for a few months now, but the savings are finally shaping up, so I've decided to take it more seriously :) I'm a recent college grad from the bay area who's been in industry for about 1-2 years now and I'm really interested in setting up a positive, reliable cashflow for myself to reach financial independence.

It's extremely important if you're not in the right position to execute, buy, whatever.That said, if you're short cash, there are investors, hard money lenders, etc. 

A lot of positive stories but moving from A to mid-west D is concerning.

Figure out how much they would have to raise the monthly fee to go from negative cash flow to positive cash flow and then to be safe I would double that amount and assume the Hoa fee will go up that month. 

I'd love to hear your experience finding renters and maintaining the property there. 

.- or you could blame the offer on say your financial position like you’re only approved for that amount or something.I’ve personally called craigslist rental listings to try to buy the property.

A HML is not the answer, they won’t lend money for the down payment because they would have to be in second position.  

Yes, you should be due all of the interest that you're owed but given your position, I'd be as helpful and understanding to your friend as possible.

The only work beyond my comfortable distance, I would only recommend investing into a Turnkey property that is renovated and managed by an experienced company like Memphis Invest or Maverick Investors unless my business took me there quite regularly, or if I knew somebody there I knew and trusted to help me manage and maintain it, or or as a Partnership I could invest with in an apartment complex  who I trusted and who is under control. 

Don't get me wrong, I've closed a few of these (in these cases the appraisal report came back only a bit different from what the agent/buyer described), and had a bunch die after the appraisal came back (when the report is VASTLY different from what the agents/buyer said to me, which is the norm), but due to systemic unreliability of information my position is that the price of a definitive yes/no is an FHA appraisal fee.Make sure you're working with a lender that isn't artificially restrictive, get it under contract, and get an appraisal going.