Sometimes this alignment can be fixed with a simple conversation with a very good attorney and the city's attorney.The real question is will it be worth the expense and potential discrimination that could follow from the city - I have heard stories where the city will have their inspectors get very rigid when they do not get what they want to make the owner's life more difficult. 

Never let a tenant fix anything.

@Karina Torres learn how to bring value to other investors and maybe one will take you under their wing.

So as a 'safer' bet, we decided that using FHA loans with a 30 year-fixed would be our best option since we intend to buy and hold.

You must be in another part of BC which brings me to my next question - After you've spent the money fixing it up (which, most people will probably agree, you can assume will be at least 50% more than you've budgeted seeing as it's your first experience - and it's probably best if you calculate in a complete refurbishment of plumbing, electrical, perhaps roof or foundation - don't even try to do it piecemeal because it will screw you up in the end), after all that, will there be a GOOD market for resale? 

If the intent is not to put the house under contract and continue to accept more offers, and to fix the house up to show it to prospective buyers, I would be concerned.  

Another question to ask is whether the interest rates are fixed or floating.

I think building my personal brand would be nice, but don't want people to constantly ask for Austin to fix all their problems.

I am currently looking manly for buy and holds, and fix and flips/value add plays.

It would be like you saying, "Well, I do not want to fix the sewer system, so I am just going to pump it onto the back of my property in such a way to guarantees it flows into your high rise area."