If you think that you'll have immediate positive cash flow, I'd go for it. 

You can buy notes already performing, you can make up your own note, the note can be in senior or junior position, the note can be short term or long term, amortizing or interest only with a balloon payment, etc.  

@Kevin Means What you described was the same position I was in 2 1/2 years ago. 

Have you done a math analysis that shows the bottom line positive or negative if you had to make the rehab done. 

This should be heavily affected by what your goals with real estate investing are, what types of strategies you are hoping to deploy to reach those goals, what assets you are looking at, and from what position you are starting your real estate investing path! 

The Third Month strengthens your position as to who runs what.

And you have chosen a software program that is popular with CPA's.If you are an employer and an applicant applies for a position with you and hands you their resume done via an Excel spreadsheet, versus someone who hands you a professional resume done through Microsoft Word or some Resume software program, which one would you think would be the best suited for the job, based on both applicants having the same qualifications?

Let me know if  you had other questions on this but you are in a good position if you have the equity.

If you will OWN the tank, you are in much better position and can get your propane from anybody you want.Avery is right that your local agent should be giving you specific contact info for all of these, including HOA, water, trash details, etc.Be SURE to get the contract and details your seller has with the existing PM.

I understand townhouse/condos are more of cash flow plays (vs. appreciation) so wanted to get in at lower price to be cash flow positive...hence the recommendation ask.Specific community names would be appreciated...e.g. one I'm aware of is Meadowridge townhouses in Coppell.