I might actually be able to afford the rehab without the 203k.

This will help any renter with living cost to afford the rental unit.  

I want to add a few high end properties that I would not afford without the income from those properties, and I have not been able to find any lender willing to look at future income from vacation rentals.

Yes, owning affordable/low income housing is more challenging than your typical A or B class property, you will experience more repairs, turnover and maintenance. 

This packet should have contained all the vital info. needed to determine the health of the HOA, as it should contain budgets, minutes, etc. 

The developer was applying for local funds to facilitate the creation of affordable housing.  

A few examples of people who seem to have good strategies for a market in flux: Show 2 with Karen Rittenhouse on “subject-to” deals, which seems like an excellent strategy in a market where homeowners may have just lost their jobs and can’t afford their mortgage, but want to stay in their houseShow 19 with Tracy Royce, discussing short sale strategies in great detail.

I don't really know about financing, I tried to get a equity loan for a property,  that I couldn't afford, I had the first two houses all paid and tried to get a loan for a third one that I liked in a very good area of town. 

This area is a very affordable place to live but it comes with not much appreciation, job growth or population growth. 

We have to make sure we get an inspection, find out what's wrong with the property, see if it's economically feasible to rehab the property, ensure we are compliant with all local/state rules regarding REO property, register the property if applicable, ensure health and safety issues are addresssed (Toxic DDT Landfill?)