There is one chance on a million (or even less) that's something like that's happens during his ownership I have properties in HOA where you can't legàlly Rent - these HOA are in lawsuit with Cleveland water for 25 yearsInvestors who bought properties there in 2010-12 making almost 80% ROI every year and not worrying about potential damageYou can't buy insurance against everything but the more you think - the less you sleep .I'm getting all these scary cases from my E&O insurance companies........so what?

After speaking with local PMs in the area, the property could be stabilized in current condition to have a potential gross income of around 150k, however after rehab (with ~4-500k+ capex budget) could stabilize rents closer to 400k+, and potentially appraise for 2.5-2.7m.After falling out of contract, seller is willing to negotiate with seller financing terms of 1.5m, 5% i/o until jan. 2025, with interest going up to 10% after that, or satisfying balance at that time.

@Manny Apodaca  thanks 1. if possible - using a real estate agent makes sense  if this is your  1st deal  as   a good  agent can help a ton  with many factors ...once you have  more  experience you might try to  get  by  not using a  realtor 2. beware of using seller's real estate agent as you likely will not  get a  100%  true  effort or  feedback from using the listing agent .....if you do this - make sure to ask for a  discount on the  price you pay or  ask this  agent to  provide  you with a  concession you can use to paythe loan costs 3. closing with a real estate lawyer should be OK  but  make sure they are  experienced and  have E and O insurance ...you will  also need to get  title insurance from a  title  firm4. other  advice -  get loan aprpoval  in place and ask  lender to order their  lender condo questionaire  so they can  review and approve the complex asap .....get a  copy of the  condo documents  including the  condo resale  ceretificate to  review 

I specialize in RE investment properties in "The Big O!"

I also included a link to Rent O Meter for your review.Ty, Mo Albers Realtor DVG kwELITE

Not buying a J O B is also important!

This will also serve you should you decide to seek legal work - you'll be able to provide an att. listy o things you have talked through. 

Do you rent to folks w/o reviews OR new profiles?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $500,000

Cash invested: $100,000

House Hack. Fully finished basement (in-law suite type deal) with full facilities ...

That's why carry E&O coverage and hope to never use it.