It sounds like it is rent ($2500) - expenses ($2208) = monthly cashflow of $292 which is still decent (depending on how much you put down).A few things that jump out to me though are: $1200 HOA fees!

Depending on your availability, if you purchase these units, it may be worth your time to serve in leadership for the HOA to ensure you are in a position to protect your investment. 

Andrew, it depends on the value of the property. 

For what it's worth, it will not be our primary residence until years down the road depending on how things go (when we "retire"), but it sounds like, regardless, we should steer clear of both options (LLC and fancy self-directed IRAS) unless we want the LLC for pure liability peace-of-mind if we did somehow rent out the land or a structure on it (if it wasn't our primary residence).Thanks again for taking the time to reply, still figuring it all out and this really helps.

It depends on the type of property and loan you are getting Alex.

It's not really that complicated to buy out of state nor is your success really dependent on which out of state market you choose.

Hold on to her entire deposit and let the rest go.Bottom line is it depends on how diligent you were with inspecting your property.

IF YOU SELL YOUR GOOD UNLESS THE Buyers ARE FHA QUALIFIED WITHIN 90 DAY Rule comes Into Play.THERES MORE BUT IT CAN GET COMPLEX DEPENDING ON YOU PLANS.

Abandoned property laws may still apply, depending on your state regulations.

I'm not sure, I suppose it depends on what that $1910 number includes.