You need to consider the HOA/Condo Board fees and make sure that organization is good to work with and working for the best interests of the property owners & tenants. 

What I see here is a "Shiny Object of Distraction".  

The Salvation Army is registered as a non-profit organization, and as such, generally enjoys exemptions from things like county taxes.

I think you may be suffering from a combination of analysis paralysis and shiny object syndrome.  :-)Seriously, slow down a bit.  

You're asking a lot of great questions but the first thing you need to start with is defining your overall investment objective.

It indicates the seller is not organized and doesn't keep good records, or is a poor manager.

I think it's great to hear that there's a common investment objective: "have the principal reduced every month with very little maintenance, and realize the appreciation one day."

So far, you're not posing any valid or specific reasonable objection to what I mentioned, just poking saying or trying to say I'm not correct or it's a bad idea, so explain.

Time of Event: 05/20/2015 at 07:00PM Location: Round Table Pizza @ 22722 Lambert St, Lake Forest, CA 92630 Fee to Attend: FreeFor improved communication and organization I have created a page for our group on Meetup.com.

Here's the link:http://www.biggerpockets.com/files/user/Mister4clo...Every third Wednesday of the month, I also organize a Lender Meetup so you can meet different types of lenders who can help fund your deals.