*Disclaimer: I personally haven't done this practice. 

They might give you practical guidance :). 

The previous owners practically had to give the property away.

No application package, no SD etc....just terrible practices. 

They have new stores opening, re-imaging existing stores, relocating old stores, etc. so lots going on at any given time.Whatever you do make sure they do not put in early termination clause as that is a killer for resale value and your buyer getting a good loan once you sell the property.

Sounds like 203k loans could be a good option for you- Condos and SFHs generally appreciate differently so I'd get more familiar with that- Multifamily sounds great, but in practice can be very difficult to find decent ones in the southeast so often SFH ends up being the way to go- Don't wait too long.

That said, you are still currently allowed to issue notices to increase rent or 120 day notices for substantially rehab of a unit (RCW's will apply for relocation assistance). 

Investment Info:

Single-family residence buy & hold investment in Buckeye.

Purchase price: $222,000

Cash invested: $45,000

Second home turned rental

What made you interested in investing...

If you willing to relocate (and your current residence will cash flow), you can get a low money down loan on a new residence (ideally a house hack).

I intend to register a protest with HUD to amend the practice.