The downside, since its your heat and a/c, you are now on the hook for repairs and the phone calls associated with that.

There are a ton of expenses associated with rental properties.

Virtually ever HOA and condo association has tight rules about short term rentals. 

John,You need to list out all of the other associated initial costs and long term operating costs.

Also, since this will be long distance I’m also hoping someone would chime in with typical costs associated with property management

Anonymity usually refers to keeping your name as far from association with ownership as possible, while maintaining said ownership.

Olena,I am a broker in Oregon, I used to be the IT Director for our MLS and Local Association.

One thing to watch out for is if this is a apartment converted to condo, sometimes developers have very low association fees to attract buyers.

The delayed financing exception allows you to pull cash of your home as long as you can source the funds used to purchase the home and pay off any debt associated with the purchase.

And make sure to account for the following expenses:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance (0.3-0.45%)   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances   e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...