It's the cap rates that don't always deal with direct dollars and instead talk in percentages (unless you pay cash for the property).Okay let's see.... ($2000/month = 12% return) vs. ($500/month = 1000% return).

I've listened to some "internet gurus" talk about being able to pay more for a house (through subject to) than its currently worth because of how much the backend value would be. 

I still own two of them and sold two of them to buy more rentalsI'm always up to talk househacking too if you'd like to grab coffee or lunch!

Quote from @Paige Seeley: @Jay Hurst even with 20% down, what non conventional options are you talking about? 

Note, I speak of this as an immigrant household.To expand on #3; international trade is good.

if you go to a meetup and talk with a friendly PM in a networking setting, they will probably be willing to share information.

When can we talk? 

You should sit down with the tenant and talk this out, EYE BALL TO EYE BALL.  

Additionally, by virtue of owning all of the units I could, with the help of an attorney, construct the bylaws in such a way to maximize value and eliminate bylaws that would be value-restrictive.I've talked to a couple of non-QM lenders who could provide financing to buyers under such a scenario, but the tricky part is appraisal value, especially in a state where, according to Redfin, no co-op's have sold in the last 5 years.If I got a couple units sold using seller-financing at $220/sqft, since there aren't any other co-op comps, would this provide a basis upon which an appraiser would provide a valuation closer to $220/sqft than $135/sqft?

I'd really vet the developer, their past projects, talk to prior partners (GP & LP) to see how prior development deals worked out and how the communication was, etc.