A lot of this you'll begin to understand after watching/listening to podcasts or reading books/blogs/these forums.When you hear something that could lead to a potential deal, follow up on it immediately.My last deal came from a dinner with a few other couples.

We are pretty leveraged, but each purchase had some built in equity and has potential for decent appreciation and will cash flow well.  

In the unconventional lending world there is no specific period you are required to wait to be able to refinance based on actual appraised value, which means you may be able to refinance and cash out your original down payment funds and potential lever equity immediately following rehab completion and tenant placed.  

I'm sure you have checked with your HOA rules about potential rentals.Based on your post, I'm leaning towards you cashing out and refiing your current condo property to invest, but there are probably some other ideas out there that might be more advantageous to you in growing wealth in real estate.I think if you posted this question in general real estate investing, you would have gotten more replies. :) Either way, good luck.

Are you looking to do flips or are you looking to potentially have some buy and hold properties that would need renovation? 

I'll make a list of expenses I think I will encounter.Purchase - 65000Rent-  650Taxes monthly - 105Insurance monthly- 62Vacancy 5% - 32Repair 5% - 32Mortgage - 278All that puts me at 509 expenses versus 650 rent to be at 141 cash flow monthly.I have calculated the CoCR a couple different ways because I am certain that the house is rent ready now but I also figured it with some rehab expenses just in case I find something.141x12= 16921692/16000(down payment plus closing)= 10.5% CoCR1692/18000(down payment, closing, and 2k rehab) = 9.4%Like I said before 650 seems like the safe route for potential rent.

I am in the process of working on what I believe can be a potential great deal in Colorado, Wyoming area, but I personally do not have the funding.

Education is a relatively safe and cheap way to get to know the industry and even potentially answer the simple question of whether or not REI is for you and if so what facets or niches intrigue you most.

I agree with you @Mark Callazzo, it is a potentially great market....

So a potential option.