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This is usually better money spentI've also found there's a demographic of well-educated, financially responsible renters (like grad students) that don't care at all about air conditioning.  

If they are only seeking a check every month and the largest amount possible based on the equity of this other property then sure it's a fine decision.A couple other thoughts though:With a smaller multi-family a vacancy is felt more financially than with a larger one, but the extent of that is influenced by the market's local metro and property location; andWhy not use some of the equity from the property to fund the purchase of the smaller one and then have two properties generate (probably) the same amount of income or more with debt service on both.  

The problem is we thought we had a credible buyer for this property (BKA 5D Financials).

I would say South of Virginia to Florida, the Midwest- Texas, Oklahoma, etc.It's tough to get deals that make financial sense and provide good cash flow in the Northeast.

There are many real estate books out there which discuss investing without financial resources.

Id like to get my first deal done before my enlistment is up as it would help me become a little more financially set before I become jobless for a bit.

I'd definitely check out the BP webinars and podcasts as they're a great resource to learn from.

The lender will also have to research the HOA to make sure they are in good financial standings, no current lawsuits, and the owner occupancy rate of the complex.

I'm sure you'll find the site a great resource!