The boundaries are marked with loose rocks and a curb that the title company says "appears" to be a boundary but cannot guarantee without a lot line.A survey is needed.

@Nate LaBlance you are bound by the current lease until it comes due.

If you want to spend time getting multiple bids and negotiating with contractors, cut the PM loose and do it yourself.

- You will loose the opportunity to claim the  Recoverable Depreciable amount as repairs were never done.

I would like to own the building but don't want to risk a law suit and loosing my other properties.

Purchase price: $295,000 Cash invested: $40,000 After loosing my shirt and investment property in the 2008 housing crash I have recouped my finances and have started investing in real estate again.

I do know that as investors sometimes we loose much more money trying to get back what we lost.

You can add variable values, which can allow you to compare different situations and conservative/loose scenarios.

If you are not worried about loosing some comfort, I would suggest sticking to rent by the room, and really supercharge your FI.If you qualify for a traditional mortgage, and you are able to acquire a 5-6 bedroom home here in the Denver area for between 450-500k (with the current prices of homes) then by renting out the other 4-5 rooms that you and the GF don't  occupy, you will be able to live for free, and producing cashflow.

I don't know why it even matters about the records since the rent is guaranteed through HUD and if they don't take care of the property they loose their voucher so they have incentive to be model citizens.