At those rental rates at least on the surface it seems like it has great potential for a long term hold though be sure to factor in all of your costs, especially the ever incresing HOA fee.  

Then fill the rest of the way with clear gravel, not dirt along the perimeter a plastic drain membrane should be placed on top of the footer to at least an inch above the surface of the new cement floor.

It turns out, the flashing was apparently not installed properly whenever they last re-surfaced the roof, and water intruded in cracks at the edges of the roof.

On the surface I don't like the idea of dealing with outside investors ie OPM.

@Bryant Grimes On the surface this might look like a money pit, just have confidence in the fact that your investment will earn you money.

@Johnny Khoury  There are a lot of poor people here and while on the surface it seems logical.

On the surface, this seems like a great deal, and I hope it is.  

Working real estate deals is like floating an iceberg - 90% of the work is done below the surface, and that's the part that keeps the peak from going underwater.

Flex seal creates a smooth non absorbent surface.

Vinyl plank doesn't need a perfectly flat surface.