If we are losing money every year, but do plan on holding on to it long term, with our goal being appreciation of the market and someone else paying a good chunk of our mortgage, is this worth doing on any level? 

Good luck!

Quote from @Miguel Vasquez: Good afternoon I have a question in regards to my section 8 tenant.

Is this still a good investment strategies and what should I expect? 

I am set to close on it in about two weeks and am slightly nervous about finding a tenant in a good amount of time, given that there are a lot of similar new constructions in the same community that are up for rent but have been sitting on the market for 30-70+ days. 

My question is why you want to bring it up to code, other than just to feel good or improve your exit strategy?

So the question is whether your house is a good rental investment long term.

Good luck! 

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

An FHA 203(k) loan is definitely one route, but there are other ways to make it happen that might even work better depending on your situation:1.Private or Hard Money Loans: These could be a good option if you want flexibility.