During those 10 days, if they find issues they want repaired, compensated for, its negotiated.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

It was in rough condition, which limited competition and made it a strong candidate for the BRRRR method.Negotiation: After analyzing comps and repair costs, I negotiated a $420,000 purchase price, which was below the market value for similar properties in the area.

This isn't always the case, but in general, I've found Section 8 homes tend to require more frequent minor repairs.

This being said, I don't believe we'll be able to meet the income requirements to qualify for a conventional.This leads me to believe hard money or private lender is more the only option to get my foot in the door, use my business to make repairs at very good rates, build some equity then refi once the balloon is due. 

Don't get me wrong:  cash flow is still an important factor, it keeps the lights on, it pays for repairs and upgrades.

. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

This is my first time reading of your experience with this property were you able to complete the 80K in repairs ?  

It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

Set aside reserves for unexpected repairs or vacancies.