If you've never heard of unfunded members' equity, it boils down to the amount the association SHOULD have been collecting in revenue, but either has not raised fees on a regular schedule or has many delinquencies.

Because of this, you would have a substandard PM that will even cost you more in revenue and headaches.

Last thing you want is this space rental that brings in a small amount of revenue increasing your vacancy on the duplex.

Budget up to 600k, yearly revenue potential atleast 60k and upwards.

Revenue property?

But, from a revenue standpoint, with the management fee (unless its you), it doesn't meet my 8 to 12 year payback. 

Do I have to wait until I can show revenue before I can take deductions? 

STR property managers will charge from 15-25% of revenue (gross not net).

You will not get taxed until you start earning revenue. 

@Titus Hill, happy to help you run some reports (revenue,occupancy) to help you figure out which communities and home types you would like to target.