They didn't end up getting the property after the research because the cost wasn't worth it at the time.Call the code enforcement guy when he's in the office or actually walk into his office when you know he's there.

We have a decent amount of savings, at least enough for a down payment and closing costs on our next home, but the buying power just seems so limited in our area. 

I will assume the total cost basis for the property is $500,000.  

I am researching what it will cost and looking for the right contractors for the job and trying to get estimates on the job.  

I think it's because it costs money to train them and they (mangers) think it's best to just send them out and hope they learn on their own.

Rather set $300k on fire than pour it into a condotel,  the condotel will cost you more to get out of.  

I will likely be financing this, which is why I need to make sure it covers the carrying costs plus some. 

Because of the debt payoff increase and the cost to furnish (~20K), my CoC is just 5% now (this is if I keep a management fee of 10%, though I'll be managing the property myself).

Again, costs will be incurred with each property taken as collateral and you will have the release fee requirement as well with a LOC.

You should look to conduct a cost segregation study so that you can accelerate more of your depreciation against your income.