Start small with simple rehab projects like painting or landscaping to boost value without overextending.

The paint is chipped so I'm assuming there's lead paint and there will likely be asbestos and lead pipes for plumbing.

Jason Stofer I understand that but I’m a big believer in path of least resistance.

It seems that if you can find a good deal on the purchase price, are willing to do cosmetic updates (floors, painting, maybe a kitchen) you can get that 100-200/month cash flow.  

It needs new carpet, everything needs to be painted, the bathtub needs to be reglazed, and some of the outlets are still 2-prong.

I would have to do a small rehab of floors and paint and maybe new appliances.I want to do short term rental or this if possible.

I don't understand how you can't track them down.You could stop paying HOA dues, and that will force them to contact you.As for the PM, I would instruct them to hold off on painting until the termite issue is resolved, which includes providing you with contact information of the HOA board.

We half-finished the basement, adding drywall, paint, and trim.

For example if you asked him to only paint a wall but the wall does not look good because the drywall itself is bad - that is not his problem because you did not want the drywall fixed.Specify what it is you want done and if complete you will release the payment. if he disagrees then he may sue and then let the court decide. 

It is NOT like what social media or influencers try to paint, it's hard work.