I've read the answers to your question and all are good advice, however, I am a downtown agent and the downtown market currently is very challenging, to say the least. There is no inventory, even in the high end market, which in turn means, for every one unit on the market, there are approximately 25-50 buyers. In addition, investors, such as yourself, who have cash, are scooping up the units that are short sales and/or REO's as these units are considerably under market value. Most sellers, whether in short sales or standard sales, would prefer to accept an all cash offer before they will accept a financed offer. That being said, in your price range, there are even more buyers. I'm currently working with half a dozen clients in your price range and they can tell you, there is no inventory. As well, in your price range, you would be looking at about 700sqft, which in turn, will net you about $1600 to $1800 in rental income. With respect to HOA dues, the minimum you will pay will be around $300 per month and the only building I know of in this range that includes parking, is Little Tokyo Lofts. Others in the $300 range will not include parking, which is usually $100-$150 per month in addition to your HOA dues. Then you will have property taxes and insurance in additon to your mortgage, HOA dues, and possibly parking fees. The best advice I can give you is to do your pre-buying homework i.e., get pre-approved and have your down payment and closing cost seasoned in your bank account. You will need to have the pre-approval letter and a copy of your proof of funds just to submit an offer. Get set up on the MLS and when a unit comes on the market in your price range, good square footage, good neighborhood, jump on it!