NJ Condo Lease Option

[Hozona B.]

I we own a large updated one bedroom condo free & clear in Burlington,NJ The areas is great major retail with in walking distance. Problem is HOA is broke 53 delinquent owners owe us $300,000 an unpaid heating cost. $65000 in reserved 152 units. We could do lease option to buy/ seller financing. But afraid because HOA doesn't qualify for VA or FHA loans. So if potential tenant puts down 10% non-refundable deposit which I feel not enough skin in the game.. your thoughts & comments. Thank you