We could also do it the old fashion and save for a down payment.  

You were right, luxury condos go for a median price of 220k and higher depending on amenities.

If you choose to "House Hack": with your partner, get an FHA203k (3.5% down payment, with renovation money included), ask for the maximum amount of "seller concessions" (state depending) and purchase the property.

Of course this could go up or down, depending on your board of realtors fees and if you decide to purchase leads, etc.  

Sometimes I do complete tear downs and rebuilds and other times I do gut renovations and/or additions (depending on what the situation calls for). 

@brian varmuza you can see the TBREIA schedule(s) at TBREIA.com, they have a bunch spread out throughout each month depending on your location/schedule.Devin Beverage thanks!

There are endorsements that you can add that will cover certain things and depending on the property and situation they can make a big difference. 

It depends on your state and local landlord/tenant laws and what the lease states about guests. 

Depending on what it looks like on the inside.

Whoever is you PM can do this as you instruct.As @Linda Labbe states there are a number of possibilities for how you set yourself up but they are very dependent on your personal situation and what you are trying to achieve.