The bad news is that it will be harder for you to execute your plan to raise rents and refinance, taking out the seller and recovering part or all of your down payment because the lower LTV that lenders will constrain you to will pigeonhole you.Another challenge to be aware of is that there are likely HOA dues—typically if only one unit is owned by a third party the HOA is formed and collects dues even from the developer-owned units.

"All residential properties that are deliquent on their taxes as of 7/1/2018" or "All residential properties that have registered code violations as of 7/1/2018".  

However, I’m currently undecided on whether I should remodel the bathroom or add a fridge, washer, and dryer or all of the above.The property is in Tahoka a small town of about 2200 people located about a 30-minute drive from Lubbock.

Oral month to month contracts are perfectly valid, and transfer along with the property. in fact, this is nearly an ideal situation since month to month contracts give you more control of the property, especially with inherited tenants who we assume were not properly screened when placed.

@Richard Licon some additional nuances to consider: Only track notices, or all foreclosure-related activity as well, such as Opening Bids, Postponements, Cancellations, Winning Bids, New REOs, etc.?

It is all in or all out kind of thing especially on larger commercial.Anything sub 1.5 million and below is more mom and pop small town type stuff.

This is my first post discussion and I have a question about how you go about these 'Hard Money or All Cash" deals.

Obtaining zoning, getting approval for site uses and densities are all ways to realize increase land value.Once and if a property has some or all the the approvals needed to permit, build and operate the project(s) that reflect the highest best use, it has a much higher value than before these entitlements were in defined and in place. 

The one issue I ran into that you may not if you go the 203k rehab route is that sellers are often much less likely to choose a FHA offer over a traditional mortgage or all cash offer due to the extra requirements of livability that FHA's have.

Do you have other house-mate tenant that can back up the oral agreement regarding the Parking situation?