But, I like having all of the exterior maintenance taken care of. 

Unless there has been a reported or recalled flood like Houston, N Carolina few cared or discount them.....The real question is how much is the mandatory flood insurance per year with a loan?

Looking for 10% or higher CAP rate from rentals…better returns than index fundsOrBuy and rehab/remodel an existing apartment complex in a B neighborhood and hold…I rather do the former (low maintenance)Location:I was thinking Orlando, Tampa, Jacksonville areas…good demographics, steady real estate appreciation, low unemployment, relatively low real estate prices… I currently live in Seattle area and the prices are extremely high for this kind of project.I am willing to temporary relocate or commute in order to manage the project (wife will take care of the existing business).I am looking for advice, suggestions, comments

It would be best if he calls the city and asks them to turn it in (although it is already on) in order to establish service for 2 reasons: (1) He's going to need to have the water on for the when the property gets inspected (banks won't loan unless everything is proven to be working) and (2) Right now the city could charge him with theft of water by turning the water back on himself (well, really the contractor did it but the city does not care). 

Just figured I'd see if anyone here new of an off market property. 

If he does not respond in kind tell him you are there as a care taker and he is violating the fair housing act. 

You'll need to check with your municipalitySome additional food for thought:Lot splits in my area take a lot of time, patience and moneyYou can finance the construction of an owner-occupied 2-4 units with an FHA loan for as little as 3.5% down but the requirements are kind of onerous. 

As you get started in the business, you'll become an infinitely better investor by learning from the experience of an experienced operator.

The common areas taken care of by the HOA were all the exterior parts of the units, and the pool.

The neighborhood has all the makings of an excellent neighborhood for investing, but does something like this make investing EXTRA risky.