@Sharad M. there is always a deal...I just need to uncover it.

You really have to look at the entire year and all payments in and out of the account to uncover the real story.Once the account is caught up and goes through the escrow analysis again, the catch up amount will be removed and your payment will drop.

Someone who can help me uncover the different laws surrounding STRs in the different counties and provide guidance.

Every owner of a C/D class property specialises to some degree in these types of tenants.

If the meter holes are just open with exposed electric connections, uncovered meter holes mean the meters were probably stolen.People steal them and replace the meters on their own residence for a length of time to steal electricity.

That process will likely take longer than you expect, it will likely be more costly than you expect, and rents are probably not as undervalued as you expect.Causing that much change that fast may cause a high level of turn over which will uncover a bunch of deferred maintenance.All of that is to say, it may still be a good deal, but you may be underestimating how much cash you will need or just how quickly you can create the improvement you want. 

Happy to share more of the details I've uncovered...Gus - me too!

In other words if you purchase a property and superior liens (uncovered in your title search) exist - and they can be not readily apparent, as in the case of a warranty deed with a forged signature, or notice not given to all parties - you eat the loss.

Did the inspection uncover anything that needed to be torn apart and/or fixed?  

Thanks JoelThe land had been listed by a cml broker, who did nothing to market it, online or off, and we were lucky to uncover it right after the broker's listing expired.