Funded in part with private money and the balance with investment partners, the project created profits in excess of $200,000. 

You now have a Loss in Excess of Basis Scenario and.... guess what?   

Looks like the home will meet FHA requirements and we will have to pay a bit more to get the crawl space dried out and have some blocks repaired, then have it re-leveled. 

I emailed him Sunday regarding notices I received re electricity getting shut off soon due to lack of payment and a $100 fine because of excess garbage put in the front of the property.

Obviously, neither we nor the tenant want to be left high and dry. 

For books, and audiobooks, I find a lot of the REI books to be a little dry.

Is it a simple cut and dry process with no adverse affect of taxing?

Completely demo the old interior, nasty dry wall, and false walls.

If there's no rot, it is possible to pull out the drywall and insulation and dry the place out. 

That property you thought was a higher cap rate in another market not local to you is now a dog sucking the cash flow dry and you might even have to add money to it just to keep it afloat.These sellers tend to slam tenants in and there is no long term history of occupancy at the building and payments on time by the tenants.