I feel sorry for you but at the same token, some things do not add up in my mind.First, I assume you knew that the HOA had filed suit against the builder, and I assume you knew what progress was made in the suit.

I haven't set up a solo-401k yet but will be in the near future so now I am learning as much as I can to make sure I don't step into mud without knowing it.I believe based on your post, I really do need to hire a property manager to handle everything from assessment to executing a solution to whatever problem might creep up.My original thinking was as the 401k fund custodian I can't do any physical work but I would be able to take calls from tenants, as well as going there to assess the issue, for the purpose of determining which pro to call in to resolve the issue.However I also know while assessing the issue often time I might end up having to do physical work - such as reaching inside the cabinet to turn off the water valve, or flush the toilet to see what's happening, or opening and closing a window, or even turning on or turning off a light, those are technically all physical work right?

What do home appraisers look for when assessing a property.?

She offered to go with me to talk to the property owner and assist with assessing the real value of the property along with hidden problems that could potentially be dangerous.

Any progress ?? 

Typically you can live there for 6 months to a year and there won't be any repercussions if you move out and fill your space with a tenant.You can check out your specific state's FHA lending limits for triplexes here : http://www.fha.com/lending_limitsKeep us updated on your progress David, and welcome to BP!

It just takes effort and community involvement, along with an action list in order to progress the community towards a better future.

If the answer to #1 is IT DEPENDS, what other info do I need to get to make an assessment whether this is a good deal or a bad deal?

it has been a while since I updated how the rehab is going so I thought I would put a couple of pictures to show some of the progress that I have been making.

@Marc Dufour Yes, you would need to get estimates for the repairs so you can deduct from security deposit and clearly document on the invoice, send the tenant a copy & keep a copy of the invoice and a copy of the refunded security check for yourself.However, you may want to wait until the move out inspection (after all of tenants belonging are removed from the property) to get a clear assessment of all repairs that are needed) . you don't want furniture/furnishing blocking or hiding anything.