@Jan Neruh KelseyIf your just getting started, you should be fine with the following: 1.

That's fine.

I've read that they take a security interest in your home and their fine print says they can call the amount at any time (though I'm sure other loans may say the same).

Okay fine, but this is Bigger Pockets, not MotleyFool.com, so I am going to cheer for RE instead.7.

They then issued a special assessment where each owner got charged a percentage of the total bill that included the expensive sewer line replacement, but our portion was less than we would have paid to fix our own unit, so we were fine with that.

The good news is that you can put it in airbnb and such for 45 days and it would be fine, legal and before 2020 the most asked about "short terms" where for three to six months.

I do like the "owner contribution" for accounting purposes...sometime "cash injection" is fine too.  

You have a 3 bedroom and if they wanted more than 6 people in there, no matter how young, then you would be fine denying. 

She is stating she can be out one month earlier than lease ending (which I’m fine with) but is now half month late on rent.  

This is to say, post-pone the closing until the unit is delivered empty or do it only if you are fine with not getting rent for what may end up being several months.