@Alicia ShafferWhat exactly is the issue that's preventing you from closing with your title company?

An individual was the winning bidder and they also paid the back taxes to prevent a tax foreclosure. 

I always avoid weird layouts for potential purchases, as the additional time and reduced rent makes the deal not so good if you are realistic about your projections prior to purchase.  

This makes their pro-forma numbers look better on the exit.In addition to this, there are lots of incentives for new development (tax credits, grants, TIF funds, etc.), so depending on the project there could be some degree of subsidization.ROI does not take into account time/effort. 

If you are evicting them, you include a claim for property damage with proof of the cost of the repairs (in addition to whatever else you want from the tenant, like unpaid rent). 

This was a fully gutted brand new apartment with new Sheetrock walls that had to be cut a couple feet from the now cement floor to prevent black mold and bacteria from growing.

My plumber disagrees and says I should be proactive and do the fix to prevent a larger issue in the future.Thoughts on if this is the condo board's responsibility and whether I should cover the costs for the fix?

If you are risk adverse real estate, (especially out of state) is not for you.Good luck to you & feel free to tag me on the forums if you have any additional questions you'd like some insight on.

If you wanted to send me a pm I’d be happy to get you some additional info: agents, property managers, cash flowing opportunities.

If you are currently showing a loss for tax purposes - you have to see if the additional depreciation will benefit you.If you are not a real estate professional(it seems like you quit your other career and in RE full time now so you may be) your losses above $25,000 may be suspended and carried forward.If the property was acquired in 2017 you may be able to carry the loss back 2 years.