I was a little concerned on how easy it is to refinance out of the FHA loan as far as approval and timing etc.

You may also decide you are not concerned about the title issue involved.

My biggest concern is getting out of the HELOC into a traditional mortgage.

The fact that the property management company didn't discuss these risks with you would concern me. 

Location is key, if high taxes are a concern try to find specific counties that having much lower taxes than others.Good luck!

If you've just purchased a property and there is negative cash flow because you are doing renovations, stabilizing the property, or poor management by the prior owner, then it is less of a concern than if you've held the property for while and the cash flow is still negative.Depreciation is typically factored in after the cash flow. 

Also seeing that it is a condo, I would be concerned whether condo assoc fees or restrictive rules were in place.

My concern would be that with that income and with the cost you are looking to spend on a home there is a significant difference.

Hey there Steven, I'm a little concerned on your numbers especially if you're getting a HML.

This would be a big concern of mine.