So back to the drawing board, but for myself the big takeaway is to continue on the course that I set out on and too continually learn and stay involved with goals that I set out on and to stay focused.

After removing the expenses involved with turnovers, she is getting back a 1/4 of what she lost in that cancellation. 

A PMC cannot risk a ticket or lawsuit because an owner takes too long to approve an emergency.You do have the right to be frustrated that you weren't informed about the repair as it was being done.Suggest you discuss with your PMC and see what they say. 

The purchase and sale of a business requires a lot more personal involvement than the purchase and sale of real property.  

And DIY repairs are not recommended for other reasons: it will take you much longer to complete, depriving you of rental income, and you run a high risk of your wife becoming your ex-wife.Same risk exists if you push your wife into becoming a Realtor or some other real estate activity just for the sake of tax benefits.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

Hi we have been approached to rent out our 4BR/2BA residential home to a group home for at risk youth.

I would never ever let tenants go alone.. risk of theft and getting your property stripped or worse sqauatter is just far to great.

I suspect, as more and more leasing-related disputes are occurring involving credit cards, the companies have already figured out their method of handling these claims.

Bottom line, you have to decide how badly you want to own the place, and how much financial cushion you have, and how much risk you are willing to take.