However, if you made the property available for rent in 2024—meaning you actively advertised it, listed it, or had it ready for tenants—you may be able to deduct certain expenses like mortgage interest, property taxes, maintenance, and depreciation for that period.

If they’re underfunded, you could get hit with special assessments.Not sure about the exact contract with the tenants, but I assume if there is any additional assessment, it would be tenants’ responsibility.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space? 

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

Only with a definitive goal can you accurately assess your options.What I hear you saying is that you do want to build a rental portfolio. 

There's a few good meetups here that I'm very active in.

I am trying to assess whether I should take it solo , leave it or scout an experienced partner.

I have not started, completed or participated in a syndication so tough to assess an ROI at this time.

Given that I would pay 3/4 of the property's assessed value I think this could be a great opportunity.

Example:  Risk assessment.