The agent did not give a satisfactory answer so we call the HOA our selves and were shocked to discover that we could not rent out the unit since the HOA had recently enacted new rules for caps on rental units.

I'm a notorious lurker, so it's a bit of a shock to my system to emerge from the shadows, but I'm happy to do it.

I think that is going to bring a reality shock to my father, who is to some degree mentally living in the RE land of 7 years ago when houses sold in their neighborhood for almost 700k that were complete wrecks.

He was shocked when we met for coffee and saw who the guy on the phone was :) Keep it up man.

Do it myself preliminary title search on the property.6.

Lesson learned, before you sink money you can search title or ask the title company for a preliminary report, it's not a complete search and a current mortgage will pop up.

I'm probably aiming a little too high but this is just a preliminary discussion.

I'm kinda shocked you would sign your name for $80k and walk away and shrug your shoulders.

I would be shocked if the bank allows you to transfer ownership while keeping the mortgage in your father's name.

Yes banks will offer 5 years fixed all day long and they are junk loans to me.5 years is not enough time to pay down the loan to curb loan rate reset shock. 7 to 10 years for commercial is optimal.