This is a question only you can answer and will depend on what you want to do, there is no right answer.

In fact, depending on the state you are in, it can increase your taxes. 

However, elsewhere on the internet, I had read that you could not rent your property completely, even if you lived more than 12 months.

It all depends how involved you want to get in the project and what level of sound proofing you are trying to achieve.

Buying condo's is very tricky, since the financing options will depend on the warrantablity of the condo.

if its investment property you need 20 to 30% down depending on lender.the other thing you want to find out is what the lien is.. can it be negotiated.. is it ad valorum Tax lien.. is it IRS tax lien  State Tax lien.. 

There must be five or six now.Part of the strategy on claiming CCA will depend on how you hold the property (i.e. directly in your name or via a corporation) and your planned length of hold.When you hold property in your own name, the CCA recapture upon disposition can hurdle you into another, sometimes substantially, higher tax bracket {BTW:  The recapture has an inclusion rate, in your income, of 100%; it is not taxed at 100% ;-) }.  

I think this part is depending on the exact location and supply and demand.  

I think it all depends on your systems and your job.

@Brad Chatman It really depends on your own goals.