It was built in the 60s but just got a new roof, HVAC and water heaters were all updated between 2017-2018 so fairly new, and it’s an active mid-term rental making about $3,200-3,600/month depending on the season and he provided all the documents to support that from the past 1.5 years.

Once you get above a SF, the properties aren't usually submetered for water.

The market tanked, the values declined, and some of the properties were under water even at 50% LTV. 

My company is looking at the acquisition of a pool of first position non performing residential mortgage notes in various states.

When I was working in local government I once filled in a guy's yard with concrete that kept digging up our water line and stealing water.

The property is a 5 bedroom that should sleep 8-10, with a pool, kids playset, and pickleball/basketball court.  

Essentially, people could donate money and get tax deductions and then that money could be pooled to buy property, fix it, rent it and pay a manager.I’m assuming it would be similar to a self invested Ira.

I’m thinking of spending about $200k for renovation adding a bathroom and a pool.

I've seen a couple of communities like Ocean Lakes in Myrtle Beach where you can buy a SFH in the community, there's a pool, lazy river, bar and restaurant, etc., and you drive your golf cart around to each place.

I'm certainly not trying to throw water on your fire but have you dug into the Beaufort market?