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I am buying my first condo. It's a 3/2 in good condition for under 50k. I should get it "no money down" and the cash flow should be good.

Here's my question.

Since I have never bought a condo, what should I look out for?

I know what the assessment is and what the assessment covers. The owner is on the board and told me that he knows of no big assessment increases or special expenses on the horizon. They have good reserves (he says). According to him, there are no rules against renting them. He rented two of his for many years and I am sure a lot of the units are rented out.

What else should I look for?

Thanks in advance for your Foolish advice.

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