But if you don't have a lot of market expertise or understand the dynamics of buying-and-rehabbing and the risk factors, etc., you could get in trouble in Baltimore.

The PROS of condos IMHO are the maintenance factors are pretty low since you own from the walls in and maybe a small patio area while the HOA's take care of the exterior maintenance, roof, building insurance, water, trash, sewer.

A short sale or foreclosure both have negative credit impact, potential deficiency judgment depending on state law or investor guidelines, and potential tax ramifications depending on a few factors. 

It’s not a dealbreaker but you have to factor in the extra hassles of not being able to screen them.Buying in Austin from OOS is the same as anywhere.

The impact via higher loan amount (i.e. financed closing costs), is already factored in the recoup analysis which properly accounts for resetting the 30 YR amortization.

Don't forget to factor that some licensed contractors will refuse to take work in these areas due to safety concerns. 

Then look at other factors, like HOA Fees, Property taxes, possible flood insurance and even the type of neighborhood.

@Shawn Dulan We are in a bit of a similar situation and I now realize the HML may not be the critical factor, regardless of cost.

Let me ask you this Derek, if PM services is such a pointless nothing why does the top Pro's such as @Brandon Turner say every time to factor in and use PM services ESPECIALLY when starting out?

Now, your performance history will play a greater factor.