The seller has at least 50 properties and as long as the down payments are strong enough we are working everything off-market through a title company.  

I totally agree with what @Nathan G. wrote and will add that if your HOA docs are not clear on the matter and if you don't have strong policies in place then that should be the goal of this existing BOD to fix so that it can't happen again.

This could be a strong motivator for them returning to work of some sort.

The old saying goes, "You are only as strong as your weakest link."

@Lucia Rushton i think Temple has a strong market, but just like any town it has some Good and rough neighborhoods.

I have a strong W2 income but few investments that will benefit our family when retirement happens; let's call that 10-15 years down the road. 

@Caleb BrownHouse hacking is a strong possibility.

It's in negative population growth territory but has so little new supply that it experiences strong rent growth in a lot of markets.

If that gain is enough to put you above the flood zone or even reduces the rating, you win.Unless there's something spectacular about the property, I'd be strongly inclined to walk away.

But being that close to WDC and the ever expanding government growth, it seems that long-term price appreciation should be strong notwithstanding it's a bit out in the country.