You 3-year stepdown will be a little painful, but, it could be worth it if the funds are needed.

Quote from @Paige Corsello: Hi Bobby, the majority of my business is in Pittsburgh, PA and Florida Paige I can go 80% cash out in PA In FL I can go 75% cash out and 80% rate and term

It was a pain, but in the end, I came out ahead as there are rent caps in the area and got good tenants. 

I removed the chimney entirely and installed a full HVAC system, making it the only house on the block with modern heating and cooling.

Most people really don't understand this fact (myself include prior to moving here) and it can trip you up if you don't have reliable "boots on the ground" or a thorough understanding of neighborhoods and blocks.

I either jack and jill the bathroom or add a hallway blocking off the bedroom portion to that bath to allow access for the rest of the members.  

I like the idea of STR as it seems like it can generate significantly more income than LTR and would allow me to block out dates if I have friends or family come visit.

Yes, managing definitely can be a pain.

House hacking could possibly at least cut that painful expense so not saying you shouldn't do but really watch your numbers.

Not sure how they could block a sale but I imagine they told him the central heating unit for the whole complex would soon need replacement so a special assessment would be upcoming.