I would like to get a sense of the general opinion about buying (investing in) a condo unit vs a single family home (a condo to be put up for rent as a vacation property versus a single family home that can be leased only for longer periods). Which one gives you the most (if any) cash flow??
This is a very general question. It really can depend on many variables. Property management for daily and weekly rentals can be very high, though if vacancy is low this can be very lucrative.
Ultimately you need to judge each property individually. Analyze the entire gross income vs. expenses, NOI, CAP rate, PM, and available funds for debt service. Sellers can sweeten the numbers when listing, so make sure to check the previous two years of rents, expenses, management fees, etc. If it is new construction obtain a full history of the surrounding area. Vacancy rates, appreciation rates, crime rates, average income etc. All of this can be done on-line.
Also speak with multiple realtors, lenders, and property management companies that specialize in investments in the specific area.
I hope that this helps.
Take care,
Andy Gibbs