I am looking to stay below 60k and looking for some reasonable cash on cash returns. 

My sense is there's a reason for that.I'd be a bit concerned that some type of failure could result in water damage, in addition to the risks that you mentioned. 

=)Most Southern Californians are perfectly happy purchasing their first piece of real estate to "achieve the American dream" or for another emotional reason.  

That's probably the  most common reason why financing on primary loans in condos fall apart.

Big red flag.I run a background check for a variety of reasons but one of them is criminal history.

Hello everyoneI have my primary residence in NYC that for personal reasons I will need to convert to a rental, since I am moving out of state.

Main reason would be to diversify and consider other markets where the $/sq ft is less and laws are more landlord-friendly while still cashflowing.

Hey Haran, those are all solid choices for different reasons, let me know if you have any Orlando related questions. 

You can easily put it under contract and back out for whatever reason.

6%)That being said probably should NOT do that, assumptions can get me in trouble.The reason its such a high reno $ is bc i spoke to a neighbor who said, I quote, "its a complete tear down!"