As for a mentor, yeah if you can find one go ahead that would be great!

This is my first rental and I am probably just overly worried.Seems like screening plays a big role in renting out a place and I will make sure I don't get ahead of myself and rent it out to someone that doesn't fit the qualifications just because I want to start collecting rent when in the long run that may come back to bite me.

I'm in no rush.

You will want to make sure you have extra funds on hand past what your budget calls for because you will likely run into things you could not see before rehab starts, especially if the home is an early build (pre 1940's 50's).Have the cash (with a budget and a plan) since you built your profit into the deal at purchase, stick to the plan/budget.Have extra cashThink ahead - your end point of listing the property with an agent, start to set all that up before you finish so you can put a sign in the yard the day you walk out for the last time plus gather other info - appraisal etc etc.

Before/after pics are always interesting if you go ahead with it.

It sounds like when the Condo 2 hits near the 18 month mark, I'll go ahead and try to pull a HELOC. 

IMHO - I would buy a $20k-$30k REO  built after 1945 and fix it up to rent ready status and then offer it as a turn key or rent ready property to a fellow BP member and list it on the MLS.Even if you break even, the education you get is well worth the effort and you will be so far ahead of the average new investor.I hope that helps!

It's making me second guess RE and whether or not to look for another investment vehicle.I don't want anyone to try and sugar coat anything for me, but I find it hard to believe that there's no worthwhile opportunities in this city.Thanks ahead of time for any replies.

I may be overly ambitious and planning way too far ahead of myself.

So, you're ahead of game in that aspect.