At that point your cost to replace the term may be prohibitive.

These rentals are in the central Texas area so conditions like blizzards, snow, prolonged moisture, and extreme heat are not concerns.

It is a turnkey place in a University Neighborhood, in fairly good condition with appliances about a decade old and a good structure, newer roof and windows.  

The BIG feature of FHA is that's a  program with standard terms and conditions, and that makes it easy for a lender to sell it individually or as part of a portfolio to some other institution. 

If you could get access to the data, the time from the first NOD to the current MLS entry is likely to be approaching a full year and the lender needs to get this dead wood off their books.You might attempt a Short Sale if they will talk to you.If the new MLS goes stale too - - suspect issues with the property condition.

The key to everything is your CC&R's (Conditions, Convenants & Restrictions). 

Take pictures of the condition of the rental; typically 50 to 100 pictures to later download on my home computer as evidence for justifying not returning the security deposit/suing the tenant.2.

The actual condition of an in-ground pool is more of a factor to me when looking at a flip than whether it has one or not.

Most of the time, they are in a condition where you should be able to finance them, assuming you use Fannie Mae as the lender. 

Would you ask the owner to pull the permits for what he did in the past as a condition of the sales contract?