I'll try to make it short and simple. purchase price: 120k down payment: $24kloan amount: 96krehab cost: 30kSo I'm all in at 54k.

No HOA wants a lawsuit, I seriously doubt they will fight something so simple in court.

This keeps it simple without opening too many accounts.

It's that simple.""

This is a simple solution. 

Keep it simple, but give the one tenant who is moving out a statement that releases her from further obligations related to the now terminated lease.  

I've had no trouble getting tenants to follow tub care instructions, which really are simple (no abrasive cleaners; use one of the dozens of other non-abrasive options) because they can't believe how great the tub is. 

Just buy some simple SFH that the numbers will work on.

Given that my CA properties are massively appreciated and my OH properties meaningfully appreciated and all of them together generate only modest taxable income it makes it an easy call for me to maintain the simple structure that I have.

So, if you're going to be living in the area for 5-10 years and you have a deal where the roommates are paying most of the expenses, then the math is pretty simple.