When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

The Board already spends funds on things owners disagree on, such as expensive vendor contracts where a Board member gets a referral fee or is part of the contract.

The deal sounded good at the beginning but thought it included his fee and it didn't so he's tacking on his 20% on every bill. 

Quote from @Matt McNabb: I'm a solid $400k/yr job in NYC and have $250k to begin investing as my first step into building a portfolio, although I don't have time to be a landlord so I have to account for management fees.  

We raised $4.5 million in equity and got $4.5 million in fixed rate debt from Freddie Mac at a 5.85% rate.

In total, including money lost from rent, legal fees, and repairs, the situation cost almost $30k.

There will be multiple markets you can achieve a 7.5% cap rate especially if you're buying with cash.

This may result in late fees and eventual eviction if not cured within the legally provided time. 

For lending, your rates are going to be higher than if you were to buy under personal name.

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.