Looking into options.  

The condo association has funds for the owner to complete the rehab and the owner has to option to request draws or take the money and control the rehab themselves. 

Run your deal analyzer as if you are purchasing the house now for $230 and see if it meets your investment criteria (and also compare it to an alternative investment purchase). 

My home is a magnet for people who want to party, as it's 3500 sq ft and has a history of parties from the previous owner's management experience.I'm looking for some input and advice on what my best option might be.

Hello, anyone here who can help or may have options.

For example, exploring options like PadSplit for shared housing or MTR strategies could provide avenues to achieve the 1% rule or better.

Not saying this is a great idea but just trying to give an example of creative options.

Considering the location near a navy base, businesses catering to military personnel like repair shops, cafes, or convenience stores may be viable options.

Your water heater is sufficient for one person but most sites I've seen would say it is undersized for  2+ people which would be normal in a 2BR apartment.Instead of adding a new hot water heater, another option might be to add a parallel 20-gallon heater. 

We can talk over options if you like.Best of luck