Estimated cost for remaining changes (all new electric, drywall, tile, fixtures, cabinets, roof, doors, windows, heat pump, some siding, and fencing.

I hopped on the roof with the garden hose to defend the property (even though initially it was contained) when suddenly an ember spread to a palm tree (that had been neglected to be trimmed for years) that instantaneously atomized/vaporized into hundreds of embers and spotted fires on several homes.

But the other side of the coin is correct - the downside, and it can be huge, is potential assessments from HOAs who aren't solvent enough for new roofs or roads or maintenance.

., new roofing, foundation repairs)-Cosmetic Enhancements (e.g., new flooring, updated bathroom/kitchen fixtures)-Energy Efficiency Upgrades (e.g., solar panels)-Accessibility Modifications (e.g., ramps, widened doorways)-Luxury Items (e.g., pool)-LandscapingNot Acceptable Renovations:-Commercial Use (e.g., turning a residential property into a commercial property)-Temporary Structures-Non-Residential Buildings (e.g., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

I own a roofing company in Denver and a separate gutter company there too. 

I still have a roof.

If you just flat aren't comfortable with debt, then that's one thing, but I don't get the impression that's necessarily the case.

It's a roof over your head, to use for a certain time, for a certain reason.

Our plan was to rent it for 3-7 years, and then sell it, before a roof, HVAC, plumbing, or even much flooring was in need of replacement. 

It should have some sort of a cap - surely they aren't taking 15% of a roof repair or expensive plumbing repair...The management fee of 10% during selling is also ridiculous - are they taking a commission when the property sells?