Andy nailed it.You definitely want to get the plumbing and electrical inspected.A close from of mine had a house from 1880 and they spent thousands to fix all the issues.   

They have some cash to start and have a couple thousand dollars each month to invest.

I've seen people lose 100% of their equity instead of only losing a few thousand bucks by selling for less than what they paid.People will often make poor decisions in desperate times - sometimes those poor decisions will benefit you, other times they will benefit nobody.

You are talking thousands of dollars and getting this approved by the city. 

I think my operating agreements are strong, and to enforce them when I've had problems would land me in court, cost me thousands and still not resolve the way I hopped they would have.  

Speak to your family and friends and see if they will lend you something toward your first hacking house.Maybe a few hundred  here a thousand there.  

They literally cover anything you can think of with real estate from real investors.

I tend to think it best to stay away from HOA situations.I literally ran into a buddy today who has a condo in an HOA and is going through a nightmare scenario of a roof leak that has destroyed a couple interior walls and is very costly to repair.  

My duplex in the Highlands would by far look the worst on paper of all my property, but it has had 0 vacancy...literally not a single day for either unit that I didn't receive rental income for 3-4 years of ownership.  

Self help evictions can have you paying thousands to tens of thousands in fines to the court.Please go talk to legal counsel.