Since all the mechanicals are in the basement it goes without saying that the furnace, water heater, and electrical panel will all need to be replaced.

sorry (auto-spell)...if the repairs are not completed...

Realtors HATE 203k, so just know going into it that as soon as someone says "203k" most realtors will auto-respond by telling their sellers "oh no don't take this offer, take any other offer."

Curious how the 'mechanics' of a transaction like this work.

(mechanic's lien, hoa, etc) Who placed it against the house and how much would it cost to get removed?

Something like this:This home has a completely remodeled kitchen and bathroom, new hardwood floors throughout, all updated mechanicals, new roof, etc - which none of these comparable properties have. 

@Chris Reeves  I think what your thinking about is this.seller list property you offer full price all cash no contingencies.. seller rejects.. there is a mechanism for the listing agent to get paid.. buyer still does not get the property but the listing agent and maybe the other agent can sue for their commission because they brought in a ready willing and able buyer according to the listing agreement....

Big auto manufacturers are locating new facilities in the South AND the weather is better.

Insurance is going to be your main issue, as it is costly and having been on three boards, we were risk averse to changing it or losing it as I recall insurers bringing up details from bbq to pets, etc. and when you have a claim, really it seemed a struggle, and if they can get out of paying they will..even got dropped once...Maybe have the master policy professionally examined to see what is allowed and, worst case, explore if you can get legal help to work out a mechanism to hold the association harmless (be it your own policy, plus umbrella, and maybe indemnify the association for any claim)....some great advice here and some firms may be more willing to write the policy.

We have 3 now and I really don't understand the mechanics of owning more than the limit imposed by lenders.Any advice will be appreciated.Thanks in advance,Cheryl and Jack