They take the path of least resistance and always seem to blame their PMC for everything that goes wrong.Recommend you take some time to understand what the above graph represents and why your PMC is probably not the problem.Regarding your two PMC idea - how many water meters are there?

My opinion is the fees you pay do not make sense.

While I think neighborhood farming is a good idea, I'd say instead of doing it geographically, think about who is most likely to move in your community. 

One good thing about building a 2-4 unit as a primary is you less money down and you can use the other units as income to help build a more expensive home.FHA allows for a higher loan amount as you get into the 2, 3 and 4 unit homes and its still only 3.5% down.

So the barrier to entry is not as high as traditional investments.

Is there any kind of seasoning or issue I should be aware of with moving into this property eventually?

Keep in mind it is usually not cheap or 100% effective.

There is no real risk. 

Because the foreclosure process is so slow, and nothing is stopping you from selling while it is happening, you may just have enough time to sell the property and capture the equity. 

The quiet enjoyment mention is very relevant as everyone is entitled to that.