I found recently a house for sale on the MLS below its assessed property tax value.

Without a professional assessment of the situation, all you have i the worst-case fear.On a related note, is your husband a plumber?  

Based on my assessment of the property, the numbers seem to be good.

As you begin to renovate, your assessed value is going to shoot through the roof, as will your taxes.

So if he his able to reduce my bill from $7200 to $6200 then I would owe him $500.Most people don't appeal their taxes and if they knew the actual value they are being assessed at they would probably freak out.

A lot of times they can even provide documentation for them to show the fees, assessments, minutes, etc.

Remember, just because the house is assessed for 90k, that doesn't have any bearing on how much you sell it for.....At being all in at 60k on a house that rents for 900/mo, I'm guessing your net income to be rouighly around 150 to 200/mo maybe?

Clarification- its my first end to end comprehensive investment deal. 

If your Hard Money loan has a balloon payment or penalties to renew @ the end of 6 months you should assess the potential financial impact of a renewal on the deal.  

FHFA now claims, in a Nevada State District court, as a way to go around state Supreme Court ruling, that Fannie Mae is Federal, by virtue of being in an FHFA conservatory, and since FHFA is Federal, Fannie Mae must be held as a federal entity, and above state law regarding priority in foreclosure of its claim after an HOA assessment Foreclosure.