Most properties are landscaped with water conservation in mind and therefore you don't have the expenses or hassle of maintaining large lawns, high water bills, large tree maintenance, etc.

While many appliances and the A/C, water heater, etc were updated they didn't update plumbing or wiring.

Water/sewer/trash bills are killer in the City and they are ruthless about holding housing providers responsible while letting tenants repeatedly off the hook. 

A home on water?

The water heater and furnace is downstairs, and the thermostat control is upstairs.

I had some business near his office, dropped into PPR and he sat down and met with me for over an hour to answer my questions.  

Personally, I'd prefer getting in with the Boston market over Jersey, and would not count of prices dropping drastically anytime soon.

When I talk with the investors I work with That have used this plan they find if they are buying right in a good appreciating market with conventional financing they are able to drop the PMI after the first year.  

We are currently looking at a HUD home in Georgia - I have a couple of questions and can’t seem to find a definitive answer - The home is currently in the OO listing period - our plan would be to buy the home doing extensive renovations (the home is in a “Historical” area so renovations have to be approved) once completed we plan on living there full time - it could take ip to a year to complete or longer I don’t know  - as I see it the OO designation is to be the OO for a min of 12 months - is this after the home has been renovated or after you close on the home - though the house could probably technically be lived in now it does have some water and roof damage and needs complete redo of electrical and plumbing - for me to deem it safe - so not really livable by normal standards - but no way it would be livable in just a couple of months - any thoughts or an actual answer to the OO rules 

I think Chris makes a good point of determining the strategy - performing 1st position notes is always a safe "dipping toes in the water" type of note to go with.