I also like Joe Fairless counsel or three laws of investing, “Buy for Cash Flow, Have Reserves and Use Long Term DebtFinancing”

I am happy with the cash flow, the problem is the HOA has a unit not paying their dues (greater than 15% of the total condos) and the HOA is litigating, which makes it a non warrantable loan, and the reserve funds are low ($10k remaining across 5 units)  The condo is the cheapest 4bd 3bth unit in the area which interested me, the thing I am worried about is not being able to cash out refinance and getting hit with more assessments as the reserve fund is low. 

Chances are they know some contractors who they’ve used and recommend.If you bring business to lenders, prop managers and agents, they should be willing to share the details without much reservation....

Opened up some walls and allowed more more natural light in.

Can you explain to me what your reserve requirements are?

I'm not too sure if you can serve 3 yrs active and then the rest reserves lmk.

Having positive cashflow enables you to fund reserves and to hold on to the property indefinitely which gives you time to allow the magic of leverage, appreciation and debt pay down take effect.

To get a little more specific, my goal is $5k per month AFTER reserves.

When you walk into this home, you are greeted by the spacious livingrm and separate diningrm with a gorgeous picturesque window that gives plenty of natural light.

Depends on lots of factors but keep in mind you will need property reserves for your rental (6 months) plus a down pmt of 3.5% min if you can go FHA.