Not sure how you cashflow with Proper, it’s just not proper. 

Hey BPers!
Just curious where each of you stands on this one.  I realize this is a case-by-case basis.  Sometimes the tenants plan on paying a month's rent at two places to allow a less-hectic move.  However, this co...

And how do I roll this into a cheaper mortgage (my dti would be too bad for another conventional).Maybe a lender would be able to consider the electric "working" with the proper inspection?

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully. 

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

If the tenants don't care for the pool properly, it could cost you thousands to fix.

You will need an attorney to properly structure the partnership and you will make sure you do it correctly.

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.

Let me know if you plan to make it so I can let the owner know and he can make sure they are properly prepared.

If the proper reports and documentation are not completed, you run the risk of failing an IRS audit and the cost segregation not being honored.