With FHA 203k, every little things is going to be heavily scrutinized by underwriting (and the renovation component approximately doubles the amount of paperwork required) as these are high-risk loans.If it is NOT in financeable condition, you're stuck with hard money, 203k, FNMA HomeStyle reno, or cash, but not a vanilla mortgage.

Mike,I’m not sure how you vetted in hiring this PM other than their reviews, which is only one component of the equation.

Credit score is just one component of their application. 

Looking at the following article on BiggerPockets:https://www.biggerpockets.com/blogs/6157/69626-nar...Since I am a complete newbie to GIS (I tried using GRASS GIS) and any GIS platform has an extreme learning curve, so far I have been unable to get all of the components working.

If you decide to move forward you may want to consider an owner-carry component with certain earn-outs to make sure you are not overpaying for the business.

If you want to use a cost appraisal, you must then subtract various depreciation factors to arrive at one component of a FMV appraisal.

Tax implications can be extremely impactful and also detrimental. 

That's a great footing to be on.Partnerships can be structured in dozens of different way and there are surely benefits an detriments to all. 

I hate the HOA component.  

Yes this is a critical component in financing and overall return calculations like IRR and COC.