Is buying a condo from a coworker a good way to get into real estate ?

[Ed Mubarak]

Hi all, 

I want to get into real estate and eventually rent out homes/condos as a long term goal. A coworker of mine is selling a 3 br condo for 250k in CT.  That unit is currently rented out for about $1500 a month with 500 going to monthly maintenance. I have about 50% of the price, I usually invest in etfs, but was considering this deal for what its worth. 
For the pros in this BP community, what do you think of this as a start to building a property portfolio? How would you approach this offer? Any advice would be appreciated. 

Thank You 

[William Whitley]

@Ed Mubarak

Condos can be difficult from an investment standpoint. You don’t have much control over the monthly or annual HOA fees, and special assessments can pop up unexpectedly. On top of that, condo associations often have rules or restrictions that can limit what you can do with the property. It’s worth reviewing the HOA’s financials and bylaws closely before moving forward, and running the numbers with those costs in mind.

I would encourage you to approach it with caution, especially if your goal is long-term portfolio growth.