Also, there's HOA fees involved.

But with that negative aspect comes the positive - it dissuades a lot of your competition from becoming involved so easier pickings of the good crop.

Several partners including myself involved in purchasing the deal.

You can cancel a check months later or even a year later if fraud is involved. 3.

The estimate for the initial repair came back at about $6,500, and it involved repairing the rear wall cracks with urethane injection.

The ways to help mitigate that is to use automation software which helps drastically reduce the time involved with an STR, setup a good team (cleaner, handyman, plumber, electrician, appliance, hvac person), and have an exit strategy if short-term regulation does come to that area. 

This may involve ways to make it mutually beneficial for the builder to prioritize my building over others in the community, otherwise applying pressure on the builder, clever ways to close even before completion (which maybe is the dumbest idea ever? 

City road ends at park entrance.Considering the land price, infrastructure setup cost each lot cost was coming around $7300 which was very attractive even though most of the houses on them were old and needed good repairs.All other lots except the 59 were in considerable good condition and our due diligence showed that whole park value is going down due to these 59 lots mismanagement for 40 years.As per owner rent collections were around $7200 per month and most of the tenants were very long term (average rent $400 per home) which he receives in cash so bank rolls available to validate.As per our estimate, each house needed 7k to 8k repair to make it livable.Negatives:These homes/lots were owned by same owner for 40 years and he neglected everything which includes tenant quality, infrastructure (such as overgrown trees, bad homes still in the park which should have been removed years back, 3ft- 4ft potholes on the road since its privately owned).Most of the tenants were convicted or had some big felony, these houses were famous for drugs cartels in whole city.After buying we realized things were way worse than what we assumed in due diligence:People staying there actually were involved in gang wars, prostitution, drugs etc.

@Zain Malik I would encourage you to get your HOA's attorney involved.

First off, you will need to decide on your ultimate goal for investing in real estate (house hacking VS out of state investing) and then determine how you want to get involved/start.