A lot of people chase cash flow, but the reality is that even if you just break even while renting it, you'll still be making money through appreciation, depreciation, and loan paydown.

Thanks in advance. 

You could also consider unsecured term loan options and zero percent credit cards depending on your credit profile and income.Temporary Fixes: If a full repair isn't feasible right now, you might consider temporary solutions.

Affordability..are you approved for a loan (what type) does lender know you are looking at condos?

Thanks in advance

IF I'm wrong, please accept my apologies in advance.   

I am having trouble figuring out whether to go with a hard money lender, or a conventional loan for my first rental property.

It is usually not the return on investment but instead the ability to learn and relationships that are formualed from lenders to contractors etc. that can be leaned on as that individual advances in their real estate career that make these entry acquisitions worthwhile. 

If we end up using them - we are happy to pay a referral fee.Thanks in advance.

I have one myself that I funded after selling my SF home and once I set up my policy, I took a low, simple interest (5.5% for me) loan that I then used to purchase a 4 unit MF; now I'm using it to fund the renovations.