Insurance is going to be your main issue, as it is costly and having been on three boards, we were risk averse to changing it or losing it as I recall insurers bringing up details from bbq to pets, etc. and when you have a claim, really it seemed a struggle, and if they can get out of paying they will..even got dropped once...Maybe have the master policy professionally examined to see what is allowed and, worst case, explore if you can get legal help to work out a mechanism to hold the association harmless (be it your own policy, plus umbrella, and maybe indemnify the association for any claim)....some great advice here and some firms may be more willing to write the policy.

We have 3 now and I really don't understand the mechanics of owning more than the limit imposed by lenders.Any advice will be appreciated.Thanks in advance,Cheryl and Jack

When looking at a property make sure you leave room for the mechanicals.

ERGO you are in foreclosure in the first place.GFC meltdown saw values drop 20 to over 60% in certain markets  .. your 70% LTV loan was underwater right out of the gate.So to answer your questions.In General... you have a foreclsoureyour value is 10% less than it was when you made the loan.. reason flipper butchered the job ... and again depending on state it could take 1 to 3 years to actually foreclose and of course your not getting any payments.. so your interest is wiped out. your cost of doing the foreclosure again state specific.. and I have never met a defaulted borrower that paid the property tax's  ( and again state specific how bad this will be).. you have selling costs usually 8% and you normally have to spend money getting the home marketable I have never met a defaulted borrower who left a home in perfect shape.So you add 10% market devaluation  8% for sales costs.. 3% for foreclosure costs.. 2% for back taxforce placed insurance and utls.. and depending on the condition of the home 5 to 10% for rehab .. you can see how this eats into your 30%  .. then take states Like were i live and properly filed mechanics liens are super liens they jump ahead of your mortgage.. this can be thousands up to 100 thousands if your flipper totally screwed the subs. 

Hi, I'm a mechanical engineer running a couple of business right now.  

@Derek Caffe Aside from infrastructure , mechanicals , physical inspections , be sure to review the zoning/permitted uses and what you will need to bring to current standards if you are modifying it along with a survey and phase 1 inspection.

For mechanical subs, we pay after they pass their city/county inspection.

Those which are eligible for these programs are vacant/abandoned, vandalized (stripped of mechanicals, plumbing, electric) and are in need of more repairs than they are worth if someone were to buy them from the owner due to the amount of back taxes due.

any property that @Engelo Rumora sells to an investor and maintains through his property management company receives a 1 year maintenance guarantee that covers all of the mechanicals of the property (water heater, plumbing etc) as well as a 1 year placement guarantee, not 2.

I presently have a contract with a seller on a home and going through some inspections of the mechanicals and well system.