The seller is extremely motivated.

Again, he confirmed that the topic is raised every few years but  the actual process is extremely cost prohibitive and he does not expect any changes in the near or mid term future)Insurance: $2800/year (Per a discussion with my insurance agent this seemed in-line, if not slightly on the higher end. 

Any new challenges or things going extremely well for you?

They are extremely knowledgeable and part of a national association of property managers that sets them apart from the competition.

With regards to our flipping model, we usually stick to our model of purchasing project houses under $180k but the market had been extremely competitive and supply was limited; it also seemed like a great deal on paper so we ended up closing on it for $212,750 (all in).

I wanted to buy in Lafayette because I know the area extremely well and have good ideas of where there is good potential for growth. 

Thanks so much for the reply and honesty Benden Mitchum, it's extremely helpful to hear.

The HOA will charge you $300 per month for non-compliant rentals, and the HOA is extremely strict.

Apparently, it's extremely difficult to evict a person even if I am living in the property.

Correct Mike, because of growing costs for new construction, all homes under $300K are in extreme demand.