Hi @Allie Barke, CapEx or condos are waaaaaaaaaaaaaay lower. https://www.biggerpockets.com/blog/2015/10/13/real-estate-capex-estimate-capital-expenditures/The article does a good job of listing the costs line item, but does require adjusting based off the quality of your condo, and your market. 

As a beginner all I can do is one thing: LEARN :) Link to my excel sheet: https://drive.google.com/file/d/1VmWHE8YxOF4Y6gqno...Thank you all very much,Karoly

Thank you all for your thoughtful advice and invaluable comments...appreciate all. I

When you learn how to do creative financing strategies you won’t need any credit or be forced to kiss the banks a$$ 

Long story short, all I see that could be a problem is the gift, but this being for my primary residence and the fact that I used it to buy an investment property should not be an issue.

Being forced to have your rents at 20-25% above market just to break even is a major red flag.

I have lived in the Poconos the past three years and own 4 properties that I forced appreciation on but have also seen everything around them appreciate.

Update: After 3 years of owning this property I decided to sell it, through forced appreciation and a natural boom in the Ontario housing market was able to sell for $424,000 and walk away with a $200K Profit (Tax-free due to principal residence).

While you can't necessarily force appreciation by driving up NOI, you can often find better deals as sellers are less sophisticated than commercial sellers and you are eligible for residential financing which has owner occupant options of low down payment and interest rate.

Since then I won an auction but a lien came up last minute and we were forced to back out of that deal.