I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

For a 203k loan, you’ll want to target areas that have properties needing work but also a strong potential for appreciation after rehab.

I understand I wouldn't get the benefit of tax deductions, but what else am I missing that makes this a good deal? 

Sometimes going to local investor meet ups after investing for 15 years and building a large portfolio is a little disappointing.

If you don't know your numbers you will never have a good investment.Start there and if after doing some reading, talking to people here, and some meetups. 

Too risky for us.Regarding additional guest packages, you can easily change your tax situation by offering what the IRS calls "significant services".

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

Hit them with charges after you have got everything you can from them. 

There are options to work with the title company after purchase (60 days) to buy it with conventional financing and then shift the property into an LLC with a quitclaim deed to get the same effect as purchasing with your LLC but you get the advantage of better rates with the conventional loan.

Maybe the deal would always fall out of contract after the inspection.