If it indeed exists, does one always have to uncover a distressed situation to acquire such a property?

Like everything else, make sure you do all your due diligence and get all the proper inspections done, and build contingency plans into your offer because you never know what can be uncovered when buying a building like this...Hope that helps and best of luck!

I'll update again soon with- How the west side of the house began falling down shortly into the project BUT I saved the day- The "friendly" neighbor - A little FarmCabin history, past and presentA few pictures of the damaged we uncovered: Viewers Discretion Is AdvisedI don't know if these pics do it justice.

HOA restrictions uncovered after offer)I found 2-5 at the link below...http://www.proapod.com/Articles/subject-to-clauses...

Over the past 15 years as a private investor/owner/property manager, I have successfully invested over 1 million dollars of my own money into multifamily assets.Along the way, I developed 1 simple rule:“Don’t try to save a dime today that will cost a dollar tomorrow.”I use that discipline to uncover and create high value investment opportunities for investors in markets that are currently underserved in SW Florida.Licensed Florida RealtorCertified Florida Residential ManagerLicensed Property Maintenance ContractorCurrent Affiliations: Cape Coral Association of RealtorsNational Association of RealtorsNational Apartment Association

We made our highest and best, Hopefully other bidders did their research regarding the property because there was something we uncovered.

I looked at the Spring, TX area last year & made an offer but wound up not closing due to issues uncovered during the inspection. 

I have uncovered an interesting source for these deals in a company called MARSHALL REDDICK REAL ESTATE in Newport Beach.  

Try and uncover the real objection.

Parking Information# of Parking Spaces (Total): 8.00# of Parking Spaces (Covered): 4 # of Parking Spaces (Uncovered): 4Additional Parking, Paved Parking, Carport School InformationElementary School District: 004 - Mesa Unified DistrictHigh School District: 004 - Mesa Unified District Utility InformationAPS ElectricNo Gas City Water FranchiseSewer (Public) Financial InformationAnnual Electric Expense: $79.24Annual Maintenance Expense: $2,097.92 Annual Management Expense: $1,786.10Annual Trash Expense: $385Annual Water/Sewer Expense: $1,731.01Owner AssociationAnnual Owner Association Fee: $3,600Gross Annual Scheduled Income: $250,000Adjusted Gross Income: $245,000Vacancy Allowance: 0.02Total Month Rental Income: $2,040Net Operating Income: $13,279.27Cap Rate: 7.18Equity: $185,000Existing 1st Loan: ConventionalExisting 1st Loan Type: FixedExisting 1st Loan Type: Non AssumableExisting 2nd Loan: Other (See Remarks)Existing 3rd Loan: Other (See Remarks)New Financing: Conventional, FHATaxes: $1,147Tax Year: 2014