Time to repairAll the carrying costs (short term loan terms)However, make the offer!

Commerical loan terms and the short amortization periods make things really tough.

Short of a fire, solid hardwood with a thick, heavy finish holds up like nothing else.

HML is usually short term because the terms of the loan are not conducive to long term cash flow.

They will dispatch a service to fix the problem and then one of three things happens: it was either a free courtesty service, or: they will charge your account (and deduct it for next months rent, not from the sec dep, so if they don't pay, the rent is short, which will trigger a late notice that can lead to eviction), or: they will give you a written notice and enforce the rules and regulations you have signed.

In short the creative finance world is a way to buy property without going to a bank. 

Being remote, I'm not looking to do major rehab for my first deal because I'm still building my network "on the ground" and it feels a little overwhelming, but I am willing to do some cosmetic items to attract the right renters.

The unpaid mortgage balances after receiving any FEMA money or insurance payouts (given they even had flood insurance which a great deal of them didn't) would mean a foreclosure or short sale process.

Are there any long term or short-term ramification to my personal finances and/or taxes that I need to be concerned about?

If the triplex has equity, tap that to purchase addition cash positive earning property.If the Triplex isn't cash flow positive, then that would be the time to think about a 1031 exchange into something that is cash flow positive.Everyone has to think about their personal goals when investing, short term and long term.