So definitely gather a knowledgeable team around you to help you. 

Thank you again for taking the time to give feed back and advice. :)

I'm sure we could gather up enough cash for a down payment for a single family home but my thing is I see this as an opportunity to possibly turn the (if bought) house into a rental property in the next few years.Feedback on my situation and suggestions would be MUCH appreciated. :)

Then, once the repairs are made, if you spend more than your initial settlement amount plus your deductible, you can recoup some or all of the depreciation that was initially withheld.Your deductible is always your out-of-pocket expense, so that does come into play, but again, once the repairs are made, gather your receipts to submit to your insurer.

Thanks for the feedback @Teri S.and Nicole Sorensen Hull the CC&R's allow us to record a lien, take them to small claims court, get a judicial foreclosure and give the owner the right to arbitrate.

And you get the benefit of having over 100 past ones to catch up on.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Thank you all for your feedback!

This I add to my down payment amount.There is more that can be considered, but these are usually on the top on my list of information to gather when doing an analysis.Hope this helps.Alex

I question if it is really necessary and would be interested in hearing feedback from the more experienced property managers and landlords out there.

Thanks to all who provided feedback!