I know that's not a huge cash flow, and any repairs could make me break even.

You'll have a property manager do the management (so you being close to it is not needed).Yes there are risks for some people to go out of state but if you learn the techniques like I have, you'll see it's actually easier and far less risky.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

I feel as-is, I can get around $120k after cleanup and some minor repairs.

It's what you paid, minus the value of the land, plus what you spent on long term repairs (roof, furnace, etc.

In this manual (which I assume could be modified to provide to tenants) I include all the financing information (which you would not include for tenants) bank accounts, mortgage accounts, payment information, and mortgage payoff), a list of the contractors, what each contractor does, a list of upcoming planned or necessary repairs, and a copy of all leases associated with the property.

A few others have called out Hemlane, who appear also quite responsive here on BP and also offer a degree of repair/work order management baked right into their middle/upper tier offerings (versus having to bolt-on as with RentRedi + Latchel). 

I would add to this account every month, allowing me to pull from it whenever there was a large repair or capex event. 

I'm SURE you mis-spoke and meant to say, he's a close friend that I am trying to help but it was not my intention to "fix his credit".Debt Relief and Credit Repair Scams"The FTC has brought scores of law enforcement actions against these bogus credit-related services, and the agency has partnered with the states to bring hundreds of additional lawsuits"SOME CASEShttps://www.ftc.gov/news-events/topics/consumer-finance/debt...Financial Education Services (August 5, 2024 )Panda Benefit Services, LLC., FTC v.

., repairs, management, communication with the seller).Exit strategies in case things don’t go as planned.When you do find the right partner make sure to create a joint venture agreement that outlines all of this clearly.