I’ve got a contractor for that who then looks over the report and tells me what it’s going to cost to repair the things that I deem necessary.

And they bring a lot of business experience that I would value, as there is an active component to the property that will need to be managed.   

Hey Tom I have a lot of experience here in Pinellas County, currently managing about 65 units.I would recommend staying out of Tarpon as they are strict 30 night minimum rental, and the demand is not as high as Clearwater/St Pete which also have 30 night minimums. 

The best quote I’ve  gotten back is 7.25% 30yr, closing cost 5k, 25% DP requirement, 5 year Prepayment penalty.

If it becomes too much of a burden which I do not see how switch to a management company.

We manage 30-40 and leave it at that.

BTW: Your manager dictates how you live your life (bonuses, most increase, getting fired, etc).Why start a business?

I also have the ability to take a $50k loan that would cover my closing costs.

Factor in an eviction cost and expectation if needed when you are looking at numbers. 

The HOA has to do reporting and there are some legal ins and outs that the person at the HOA management company is not so, how do I say, genius at fulfilling.https://entp.hud.gov/idapp/html/condo1.cfm