You are correct that he can't afford his present lifestyle, and so is everyone who's posted above you.

Not to say that it can't/won't happen, rather it's nearly impossible to put a timeline on it.Plus even if there's a decline some areas are seeing huge growth, so something like 30% drop on equity might only be a few years of less of equity depending on the deal.Historically we're due for a correction, but it's unlikely to be what we saw last time around..

Problem: Being that it’s a condo, I will be paying a HOA, but if I’m calculating correctly, there will be a decent positive cash flow.Thought Process: The lovely prices of single family or multi-family homes are a little out of reach right now, which is why I’m looking into a condo that I can afford.

 +10 points for the fastest reply ever to an initial post.  

@Matt GibsonThanks for replying Matt.I have spoken with 2 banks and they said they would not give me a mortgage for the property because the one unit needs 6 windows and some siding work outside.I have about 15k in cash which is not enough to buy the house but it’s enough to do the repairs and then refinance it.The bottom unit is renting for 600$ up unit it can be rented for 500$ and the back unit can be rented for 400$.So 1500$ total in rent.There are 3 duplex’s for sale near by with range from 109k-120k

David- Anshish is correct on this. 

All that being said, I lucked out because of the 120 or so letters I sent I only got 2 replies, one from the company that sold me the duplex I now have and one saying basically to leave her alone.

Thank you in advance to anyone who replies !

@Lucy Hilton,  Thanks for your reply.

@Johnbritt Thanks for the reply, can I ask what ere the refinance returns that this investor received.