For example, most picture a construct where each property is individually defined, with separate land and structure being owned by individual owners, that than there is a Home Owners Association to govern, comprised of a board who has been elected into positions of governing, and most often who hire a property management firm to complete the day to day operational duties.

There are a couple on the forum.Your profile also mentions that you have an entity "WNY Property Group", depending on how this entity is structured, you may have a separate filing obligation.Best of luck.

Are there any pitfalls to watch out for and are there any structural ramifications.

Unlikely insurance on 2 structures will be only $88 per month.

Seems to be one that many of my clients run into before finally able to figuring out how to structure. 

When we lived in Michigan the city we lived in had strict inspections that had to be conducted for a fee to redo burned homes.Realize that while you can encapsulate some of the burned wood to eliminate the smell, the heat does change the structure of the wood and may dictate replacement - again factor that into your offer. 

You can still buy a "fixer-upper" with a conventional loan, but if the home is in need of structural repair or is uninhabitable you may have troubles qualifying (depending on how the appraisal comes in). 

If it is structurally sound and has good mechanicals/roof, you can take that property many ways!

So you could utilize this for your existing property, not taking on any extra payments if it is structured properly.

They finally came back with the following:“At this point we would just need you to apply for a “Special Inspection” at our office for visual “certification” of the existing structures.”I am curious what this sort of “visual certification” entails.