Do you have an idea what model you want to pursue?

Therefore, I did not pursue it.I would recommend that people be on the same page, especially with that large of an investment.

Most (but not all) plans allow you to do it but check with your plan administrator before pursuing this route.

@Avi Lah99.99% of these you will have to bear these costs as most states are buyer beware and the seller may not have known.If this was done to my house I would have had no idea as I bought it the way it isAlso an attorney to pursue this will cost you more than the fix and again you would have to prove the seller knew about this and willfully withheld it from you.

We are also considering the benefits of pursuing a long term vs. medium term rental (I used to be involved in the travel nursing/therapy world).

I'm interested to learn whether this is viable for my wife and I to pursue.

I am interested in knowing, if you can share your strategy highlights regarding the fact that your properties are all doing well with respect to appreciation rather than cash flow, and I completely agree that travel would be required to pursue cash flow.

You would need to inform the collection agency you intend to do this and it's unlikely they would continue to pursue collection if you were suing them, but they might take it back after you reduced your claims to judgment. 

Quote from @Matt Taylor: If your numbers are correct, this looks like a deal worth pursuing.

Is this something worth pursuing?