I'd suggest running the numbers as a stand alone opportunity - find that price & offer accordingly.

Don't let the taxes stand in the way of bringing the property up to code. 

Our letters seem to really stand out from just a generic post card.

My guess is the HOA doesn't have a leg to stand on. 

In addition, if you chat with an attorney, you can start to get yourself familiar with the rental laws now, before you come upon a situation where you need to know where you legally stand and what your rights are as a landlord.

Exact words: "Right now you're standing on my property."

A good bookkeeper/financial advisor can get you setup with automated processes to make sure you know exactly where you stand for each property and show where every dime is spent. 

While it could take months and result in more damage, the seller will assume the cost and risk while I stand by.Alternatively, I could make a much lower offer for the house and tenant.

Remember you're going to want reserves, and any bank will largely require 3-6 months of expenses in a cash account (although some banks like mine allow a Roth IRA or brokerage to stand-in for cash reserves, so make sure to ask about that).

I'm not saying IKEA is necessarily bad but it doesn't have the charm of what you might find used especially if you want your place to stand out.