Common sense tells me that getting approved for 3rd mortgage when I want to buy a place for myself will be difficult, but maybe investment properties are viewed differently? 

When he became incapacitated and could no longer visit his unit, approximately 7 years ago, another family member, who had assisted him in maintaining the building, began utilizing the space for storage, vehicle repairs etc.

Here are the 3 most basic ways.TENANCY IN COMMON- An undivided ownership in real property by two or more persons.

I would most likely return the capital until you have a good plan on how to utilize it. 

. $239,900 2bd/ 2ba, hoa fee's are 938/ monthly, all utilities included except internet.

@Brian Pulaski  in our markets that are not attorney closing states its simply not common to engage attornies in these issues.. 

Hey Arturo,Some usual pros; Can be below market value, Can be move in ready, Some usual cons; May need tons of rehab work, Might be bid up to above market value, Might be a common foreclosure area.These are a few.

I'd live in the other unit and still pay close to $600u/mon for utilities, taxes, insurance, repairs and capex.

It’s like saying, screw having to pay utilities in this 200 unit apartment building, I’m not buying it at a 12 cap.

That is a very common and honestly valid question.