There is some slight wood rot as you can see in the pictures below that are from the buyers inspection report. 

Rents are below market so we plan to implement a $20/month increase on all pads, bringing our cash on cash return to 20%. 

@Brent SmithCome talk with me at our local meet up. see link with details below: https://www.biggerpockets.com/forums/521/topics/592616-coffee-with-investors-every-wednesday-morning

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Based on the below, when are my tenants allowed to move out if they gave notice today?

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Below are posts from BP colleagues who requested a CPA in your area.https://www.biggerpockets.com/forums/51/topics/513...https://www.biggerpockets.com/forums/585/topics/20...https://www.biggerpockets.com/forums/51/topics/508...https://www.biggerpockets.com/forums/51/topics/122..You may want to send a message to the thread starter of the above links.

The HOA had taken possession of the property and executed a rental agreement (significantly below market) with a tenant to recover the o/s HOA b) This rental agreement between the HOA and tenant expires at end of this year. c) Now that I own this property via foreclosure purchase, can I get this lease terminated (HOA does not have standing).

Your writings indicate your just looking to pay cash and have a propertyThe theory with brrr is you get it below market, fix it, rent it, way till it is seasoned (6-12 mos) then refinance it and get all your cash back because you have 20%+ equity in the dealAs an example I bought a condo for $70k, put $20k into it, rented it for $1500 and refinanced it as it appraised for $140k so I took a 90k loan to get my money out (don’t take extra but some may- personal preference).Now I got my 90k cash back, so no cash in deal and rent is paying PITI + condo fees and still cash flowing $200.

The key part that I was unaware of are the overall rent caps, which obviously are well, well, well below market rents for the area (it's actually in Mtn Brook, but same applies for Homewood).