Important to note that there are no other signs of the foundation shifting- no cracks in the brick exterior, no slanting of the property, miss aligned doors/windows, etc.

I'm in the begging stages of A- buying my first property and B- creating what @ David green talked about in the latest BP podcast "the core 4".As he mentioned try to find that 1 good guy from the 4 and ask him if he know someone who could be another key component.

Some of them are purely for networking, while others have educational components.

This can reduce your interest component and allow you to use your scale to your advantage. 

Real estate values also show alignment with boom and bust cycles, but nobody would be able to say that there is, for example, a 2 month lag between real estate markets and stock markets.

@Saul Trejo , This can be treated as repair with deduction Here is a similar example, although related to retail business,  form IRS regulation: "Not replacement of major component or substantial structural part; roof membrane.

If you guys can align on a new rent, I think it is worth keeping a paying tenant, unless there are other reasons you would want them gone?

I would say make sure your goals align with the long term goals and plan for exit if any.

Just to align your expectations, if the answer to both of the above two questions is "no," then FHA 203k in a hot market will be very tough to pull off.

Do you know the current condition of all major components and appliances of the property?