You'd be incredibly lucky to find a place that generates close to $6K/month in rent for that price -- I'd be happy with $4K/month on a $500K property and that would cash flow (after taxes, insurance, maintenance, water, etc) at best $2500/month.

I suppose there "could" be an investigation into the fire damage and any potential insurance claims.  

The intersection between architecture and real estate development is where I have spent the past three years of my life, researching and designing in an academic setting, and now I am ready to put my skills and theories to the test. 

The financing to be assumed is a HUD-insured 223(f), 35-year fully amortizing loan.

As a general rule of life for myself, I ignore advice from people who offer it after telling me that they don't like what I'm doing.

Hello BP,I have seriously been contemplating on making a career change in my life - one that is more geared towards my life goals related to REI.

Who is the insurer for the HOA?  

We started out investing about 3.5 years ago with the goal of having more time to enjoy life together.

Shouldn't the insurance company pay for this?

It has worked for us in the past and that fascination of homes we explored while looking for a deal in my youth, and the different factors that led to a wise purchase  has strongly flowed over into my current life.