Thinking of purchasing a condo in Central Florida as a second residence

[IrishPM]

Kicking around the thought of purchasing a condo in the Central Florida (Orlando) area since the prices are rock bottom and interest rates are reasonable. Looking at a purchase price at $70k. HOA would be an additional $225 per month. I'm figuring on some remodel costs up front so I would invest another $5k for that. The property is in foreclosure and in a very upscale suburb of Orlando (Lake Mary).

I have very little debt and some cash sitting around (plus about $2,500 per month in disposable income) that I want to put to good use versus sitting in a savings account (this is separate from my money market and investment/retirement accounts).

Bad idea? Keep my cash stuffed in my mattress (metaphorically speaking)? Or, take some calculated risk and buy a property with perhaps some rental income potential if I choose to do that instead of using as a second residence?

Any thoughts from the community?

[Uborrow-Upay]

No answers, just questions.

What are the property taxes?

What is the fair market value of the condo?

What are the restrictions on rentals in that homeowner's association, if any?

What's the rental market like in that area right now?

How often would you be using that condo as a second residence, and for how long?

What are the mortgage loan rates for condos in that area, as well as LTV?

Are you in a position to pay cash for it, if necessary?

Those are my thoughts at the moment, just things I'd consider before going any further.

Hope this helps.