So your minimum expenses, even with no repairs, capex or vacancy is $1500/month.So best case you are -$211/month cash flow if you don't experience any maintenance, capex or vacancy expenses with the commercial loan.To be fair, you are building WAY more equity with the shorter commercial loan.

I see a few of these every month from wholesalers with a 100k+ spread but like @Brian Pulaski said, ARV is high and repair estimate is low.

A condo is similar to a house but with a lot less control over the investment:The HOA can hit you with "special assessment" fees whenever they want to make a large repair, hurting your cash flow. 

I found another tenant already and I told him that he can paint, if he wants to, since the previous tenant just went ahead and did it.

That's all in meaning any repairs done and ready to rent. 

If all goes as planned I hope to begin investing in February (after the wedding); until then I'll be building contacts, browsing the MLS, and doing calculations on properties i find.A bit about myself; my father raised me to be independent and do manual labor myself and now because of him, I do many of the home repairs myself and like to believe I'm fully capable of being my own property manager (currently own a home i purchased thinking i could grow into).

I looked at the tenant's bill for the same quarter the previous year as a benchmark and immediately and voluntarily paid half the big water bill, and again paid about a third of the bill for the quarter during which the repair was made.

No mortgage, no existing tax liens, the house would need light repairs (paint and maybe floors).  

The property averages about 2 units turnover a year, minimizing the amount of turnover repairs needed.

Previously valued at $80k, needed $15k MIN of repairs.