I've never done any kind of investing before.The obvious data to record would be the purchase price, market value, sale price, and associated fees for each parcel that I acquire.

@Brian Nordman some condo projects are not FHA eligible because the homeowners associations are not approved by FHA, for one reason or another (usually condition of the properties, something within the HOA paperwork that HUD doesn't like, or certain percentages owner vs. renter occupied). 

I want to make sure I do everything legally, so it does not come back to haunt me later.Again, I'm still waiting to hear back from the agent as far as HOA and terms of the association, also need to see condition of unit, which I plan on adding a "subject to inspection" in the offer if I make one.

That being said, it sounds like the small claim court may not do us any good given the fact there was no deposit we can keep, and recovering back rent + associated damages/fees would be challenging? 

I joined bigger pockets for education and to associate with others that have the same passion for success.

Once the loan is assumed by the buyer, you will no longer be associated with the old loan.  

You're setting yourself up for failure if you own a rental home and you can't afford to have it managed.If you do not believe that professional management provides more value to you than the cost associated with it, then you can self manage and capture that additional cashflow.  

There is always risk associated with a rental property but since you will be living in one side and renting the other the potential increase in cost would be whatever your combined mortgages are minus what you have been paying for your current place.We did a similar deal in Kansas.

If you are paying the mortage payments on an existing mortgage on the property, and assuming your taxes and insurance are coming out of the escrow account associated with that mortgage, you should be able to deduct those items.I would make sure that you have your attorney review the contract that you will enter into with the buyer, and also give a quick call to your tax advisor.  

As to AECF - we get monthly updates from them at our neighborhood association meetings, but I don't think there are any recent public updates on the property.