@Ken M. we live in one, it has an attached unit, but with a door that passes through from both units.

It isn't easy to make things pencil, and I don't see it getting much better over the next 12 months.I have changed my rental strategy to Co-Living (rent by the room).

I've been following the build-to-rent method for some time and even lived in one for 2 years.

Right now I'm living in Baltimore, still working 9-5 W-2.

My credit should be the highest allowable also and I shouldn't have problems with approval.Ok, i shopped about 80 lenders (based on Fridays rates, market is closed so no live pricing)Conventional Full Doc loan you would be at 7.875% if you put 20% down (you said what the house was worth, but not your purchase price). 

I live in the Las Vegas market and have investments and a real estate brokerage in Henderson.

Just google the following: - special assessment - zombie condos - Florida condos (look for recent news)Since you are not living near the properties anyways, why not look in a landlord friendly state where the purchase prices are lower?

Do these folks have temporary  overage for places to live?

I specialize in creative rental investments such as STR & co-living. 

If they do, you may have a chance under the scenario you're proposing - if they share your concern for it's condition (although that seems unlikely since they've been living with it the way it is for some time, it seems).If you own it, it's pretty lowbrow to expect a neighbor to invest in your property.