A dangerous game to play, surely in reality, but for my sake, helped a little...Coming with much more familiarity with the area, I appreciate the insight about both rents and best uses.

Like stated above, there is definitely growth in the riverfront as well as new construction in the area, but it can be dangerous to buy on speculation of appreciation. 

Thank you for the podcasts (I listen to them all the time) and to all my fellow members as armed with enough information to be dangerous, I proceeded with "confidence" and found and closed my first MLS originated deal in July and rented it by October and then was able to close another FSBO found on Craigslist in December and rented it February on a 2 year lease. 

I suspect years of social conditioning contribute more to fear than any actual danger.

I would think that doing them one at a time might be more dangerous.

I would guess one of the dangers with it being your own home is that you would over rehab or over customize.

Are there dangers to me?

There are massive dangers investing in RE by giving personal guarantees, by letting banks get involved in your business. 

It is best to put 100% down, then you do not have to worry about loans in these dangerous economic times, with government run amok.

If you go visit the condo and it looks dilapidated, dangerous, or otherwise mismanaged, you should probably lower that estimate.