At least up here, service is VERY important and VERY complicated, so you and/or your attorney need to make sure that you cover all the bases. 

If I factor in additional $5,000 in upgrades it still hits a 30%+ CoC return....It certainly is not a grand slam, but for the extremely low barrier of entry, it seems like a solid base hit. 

The complaint is a lawsuit against you for the debt you owe.As part of the lawsuit they will request to foreclose on the property to try and recoup their money.

Hi @Andrew Rellinger,Based on the information you provided, the "make or break" for this rental is not going to be where or not you change out the carpet.

You can "split" the properties and determine the value based on a formula of your choosing.

Property tax is a very local issue, and the details of particular problems can vary widely based on the statutes in that state.I'm mostly wondering what issues people have run into , and if they've hired outside help to deal with those issues.

Once you exhaust your capital you can take inventory of opportunities and determine when is most appropriate to add debt to recapitalize yourself.

I wouldn't necessarily be uncomfortable with that (I would actually be so proud haha) since coops are community-based complexes so their primarily reason for checking the background and financials is to make sure all their neighbors are in a good standing. 

My primary goal is to find a legal partner who is responsive, reliable, and thorough, ensuring that all parties are kept in the loop and that closing can proceed smoothly without last-minute surprises or delays.I'm reaching out to this knowledgeable community for advice:Have you worked with law firms not based in the state where you were purchasing property, and if so, how was your experience?

I am based out of Phoenix and plan to work here.