My thinking at the time was since I know very little about rehabs or investment property I would work with a few local real estate agents plus a reputable inspection company to give me a professional assessment of the properties and neighborhoods where i was buying. 

Here is some back ground on it from the trenches:The rule you're probably referring to with the required 30% equity to use 75% of gross rents minus PITIA ( monthly principal/interest/taxes/interest/assessments) is a buy and bail provision from Fannie Mae which requires you to have sufficient equity in order to use rents because they are afraid you'll buy a new property and bail on your current one which was common in the past.

Sorry i thought i described it all but ill just list it for easy reference.FHA LoanJan 14'Loan Amount: 79,000City Assess: 179,000Comparable Comps Average: 135,00070-80% LTVI know there is a seasoning for cash-out most of the time(have heard some local banks might not have a seasoning period) and im unsure for a HELOC.Another benefit i could see with a refi is that i could get out of paying the PMI if my LTV was >75%.

I had found a HUD home that was rehabbed in 05 so major systems and roofing was only about 9 years old with a list price 100k cheaper than city assessment and 55k cheaper than average comps for the area.

The foreclosure notice says that the balance owed is $65,533 and the tax assessment is $127,800 which is think is high for the condition this house is in.

The property has the following points in the public records:- Mold - no report- foundation issue - no report- cut out and treated wet sheet rock - no report- basement was cleaned anti microbial - no report- City assessment : 498kwhen I saw the property with my realtor we noticed that in the 1st unit which is a finished basement - I was able to see that they cut the wall and it smells pretty bad (like mold).

One of the great risks of buying into a community with an HOA is the HOA can go broke and values will collapse, special assessments are levied (to pay for what should have been saved for over years), etc.A condo with no HOA means they're broke or found a way not to do any maintenance.

I have a single family rental home in the Albany area. 6,000 sq.ft. joisted masonry, built in 1900, assessed at $140K.

If you don't mind me asking, what factors did you assess before making your purchase?

According to the form, MGL Section 38D Chapter 59 requires that I "contribute to the establishment of fair assessments..." and basically they say i have to fill this form out or else...I have never filled one out.