I will be moving to Asheville at the end of the year and need some advice on how to proceed.  

But given the issues above, even a couple instances of turnovers or legal proceedings can wipe out a good chunk of your profits.

All of his share of the proceeds will go directly to the HOA. 

Very interesting idea, but definitely proceed with caution.

•if this seems like a great deal after carefully running the numbers, should I still proceed as a first flip?

So for those who do decide to proceed with lesser quality data sets be warned that you may be walking into a situation where the documents are not available as well.  

So come to an agreement ahead of time how both of you will proceed if for whatever reason she can't make a payment or is causing damage to the property or what not and make sure she is on board with those plans and completely understands your expectations.

You need to make sure that everyone that has an interest through ownership or lien was notified of the court case. 

I pulled it out via heloc and bought property with the proceeds.  

I was wondering if it's possible to finance a multi family property with an FHA loan as an owner occupant for my next property and proceed into purchasing rental homes with 20% down in the future