Old post but I figure I would comment here... my Company, Maven Cost Segregation has done studies on projects like this.

:Originally posted by @Andy N.

On the repairs - I re-read your original post, and you did seem to mention that you have a property manager - is that accurate? 

@Ike Okwerekwu Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

@Kaaren Hall after seeing your post i called them right away, their fees are extremely high for an HSA that for the most part most people don't have a lot of money in.I max my HSA every year, but if you have a self only plan you can only put about 4k /yr  and if you have some medical bills it's less.they are also very restrictive on taking money out, and no CC to pay the doctor. prior to speaking with them I was extremely excited to see this opportunity you suggested,  but after my conversation I'm no longer...I will look for other options now that I see there may be some, so thanks so much for bringing it up.

I do not know of a way to go back and put a wrap mortgage in place post closing.

You have to be careful with these posts, that's when the Real Estate Agents come out and say that their market is best.The reality is you can make it work almost anywhere.

HELOCs or traditional financing may also be better options to preserve retirement funds while minimizing immediate tax liabilities.This post does not create a CPA-Client relationship.

Originally posted by @Greg O'Brien:@Tim Silvers where did you end up and how is it going?

And as others have posted, make sure you are using a good title an escrow company to facilitate this.