Some of the disadvantages are that you could possibly get stuck with a unit full of tires, or some other undesirable items that you have to get rid of.

However, from the resources I have read across the internet and here at biggerpockets, it seems that the politics (w/ condo boards, bank financing, reliance on other units) make it more of an undesirable property type for the rehabee.

Unless you want to buy in super undesirable areas and even then its tough.

Most of them are in undesirable neighborhoods.

I'm looking to find out what strategies are working for upside down properties in undesirable neighborhoods.

Remember too, that you don't want rent too low that you get undesirable tenants or too high that all tenants are priced out of it.

And you may be able to adjust the amount of other deductions that result in undesirable/inefficient tax losses - both in the current year and the past 3 years. 

Question: Does the attractiveness of the house and the lake view with space for a dock outweigh the undesirable property you must drive past to get to it?

Generally; unbuidable, title issues, tax issues, wetland issues, etc. that make them undesirable for anyone, except suckers.

Then they will have to work it out amongst themselves if one person does not want to pay his or her share.Unless your house is in an undesirable area I would probably keep searching for better tenants.