If this is the first of many and you want to use this as a possible track record then the importance of going through the PPM process and having this easy one (using this term loosely) under your belt to be able to talk with outside investors(or even the friends and family people you do not know of your friends and family) they can talk about the job you did and have the beginnings of a track record.

Maybe you can work out a deal where the pre pay is dropped if you refinance in house once the property is stabilized.

If you have a team, portfolio and track record then you send them information on that but that’s about it.

I believe you're on the right track. 

Seeing as the numbers work out with your first unit, I guess its not the end of the world, but condo HOAs annoy me. 

Hopefully, it will work out for you in this instance. 

I know if I stay on track, focused, determined, I can buy 1 or 2 rental properties a year.

(I still need to do the math and work out all the details)  I will need to get the last 12 months of rent/expenses and some other information from the seller, but my big question is how will I know if I am ready to take this on. 

It sounds good on paper but doesn't always work out.

In OKC that could get you a solid cash flowing rental and you could hold on to some for reserves.. but it looks like areas just outside of what you were hoping for might work out as well!