Here in Calif, 16-units REQUIRE BY LAW a resident manager - - check your State requirements.You could operate 15 units as rentals and use the last as office / utility space and avoid the manager issue, but at 75 minute drive, I would think you would want a PM.

Also, even if the previous owner only owed 60k, you have to take into consideration the cost of foreclosing and the lost income if they hadn't been paying for months or years, not to mention any other costs of satisfying tax liens or maintenance issues that need to be resolved before sale.So, speaking as someone who has bought only 3 foreclosed properties:  You make an offer that works for you, and depending on how anxious they are to sell it, and how much interest they've had, they will accept or reject.  

layers) and essentially did a full gut rehab, including correcting some structural issues caused by an attempted "fix" of a bad tub surround in the shower.

avoid issues, see an attorney!)  

He refused to give me any further identifying details, saying if I found him in the first place I should have no issue knowing exactly who he is now. 

I want to fix the problems the right way up front and not have to worry constantly having issues, so my costs will be higher than his.

Granted, every home will have issues but this one had hardly enough to make a financial difference on the investor who was buying it.One of the issues however, was the lack of GFCI protection in the home.

This has been an ongoing issue for quite some time here in the Portland area, especially for the rural areas.

He's provided me with additional advice and quick responsiveness for a Richmond tenant issue.

Despite that setup, the HOA has been having financial issues for many years mainly due to a high HOA fee (due to land lease) and dis-interested owners (both old and new) in throwing more money at it.