You will need to supplement your tennat $2500 rent out of pocket to cover the expenses on this property. 

So the only question is, does the Market Rent for that location and Type of Unit cover the HOA, plus Debt Service, plus whatever other Expenses need to be paid..Because if it doesn't, the Landlord is in for a world of hurt!.

And, finally, I've lost count of the number of resumes I've reviewed where the applicant had a college degree in a subject that bore absolutely no resemblance or had any bearing on what jobs they worked after graduation. 

@Simon D.Simon, if I were you, I would immediately pull the carpet and install vinyl stair tread covers.

It can be a pain because they are very subjective... it depends on what inspector you get.

They want to sell the house because the rent doesn’t cover the monthy mortgage and they have been losing about $400 each month.

It has its own court yard that could be used as a glass-covered atrium with a common area for people to relax.

You make your money when you buy, so you want to buy low enough to have enough margin to cover rehab plus your profit at the end.

Then 10 years into it, my cash flow was up to $30K/year, including covering several thousand a year in small nuisance repairs.

It's all a game of creating barriers of exposure to your other assets and if you have a big enough accident at your property, insurance will not cover it most likely.