Sometimes they're distressed and looking to move quickly, and a 203k can take up to 3 months to close. 15k is pretty light, and with that you'd qualify for a 203k streamline loan, which is a lot easier to deal with at least from a paperwork perspective.

I would not do it again from an investment perspective, as it is a very lengthy process having to deal with the historic department in your city and fighting in public hearings to get your plans approved and your permits going.

I was already planning on approaching it from a non-conforming perspective. 

My guess is the reason she didn't report the smell the smoke sooner is that fresh paint will cover up smoke odor for a period of time.

I definitely feel similarly which is why I need to start this conversation to understand the other perspectives on why this might be worth pursuing for some investors.Thank you for you help!

Is there anything I should be concerned about in regards to timing of when I would purchase either property from a loan perspective?  

I always appreciate a shift of my perspective.

I am going to review all these recommendations with my property manager, real estate agent, and preferred lenders and lean on their expertise to make the best decision.Thanks again for all of the different perspectives - really helped me to think through the ramifications of my decisions!

Just make sure you find someone who has similar lifestyle as you (noise/cleanliness/etc) - vet them just like you would a normal tenant and interview to get a sense of their personality.3) I purchased in 2015 so prices were lower than now (from a cashflow perspective), so may be harder to attain now, but the other 2 units + 2 parking spaces paid for all the expenses w/approx $400 left over... but I also sacrificed area to get a good deal/income I wanted. 

Just trying to get different perspectives...