If you’re patient, saving up for another year is the least risky approach and gives you time to research the right deal.

The responses from this group have been incredibly helpful. 

Good luck.Ahh that’s incredibly unfortunate.

Please give me some advice on the best approach?

At first we thought he was just incredibly incompetent and over his head, and we wearily gave him some patience to get his act together all the while pressing him for at least partial payment.

The property has been in excellent condition since it was built two years ago, and I’ve lived there myself without experiencing any similar issues.The lease is a standard Texas lease, and I’m seeking advice on how to approach this situation fairly.

Approaching it like that would also automatically set an expectation for the owner to pay maintenance expenses. 

That approach will take you forever.

@Ramada Evans your approach, not doing your own research and just asking a bunch of strangers for general advice, has a high probability of ending badly. 

It is growing and has an incredible job market; it is also pretty run down in many sections of the city.