From what I understand, the HOA has the opposite problem, and the current owner of these condos is serving as the President and spearheading most decisions.

NelsonVice President of Commercial LendingPeoples Bank

Where I work along side of the President for the Georgia Association of Mortgage Brokers.

Disclaimer stated, however, I have elected to do the studying, skip the test and when I need a realtor I call one of my many friends with a license.

If the insurance company pays to replace and you elect not to, you risk not having it covered after a future (maybe more serious) storm. 

I also suggest in my course to incorporate the purchase terms if the optionee elects to buy.

I have been attending college for about four years; I obtained my Associate in Science, I conducted behavioral research as an intern for one year, I became Vice President of Leadership in Phi Theta Kappa local chapter, and I was active in school activities.

Ill get pre-aproved then "elect" for a 203K loan if I need it.

I am currently a commercial banker and vice president of one of the largest publicly traded financial institutions in the world.

EFFECTIVE GROSS INCOME: $89,330EXPENSES:Property Management: 7.5% = $6,700Insurance: $5,112Maintenance: 12% = $10,720 (I will likely modify this number after inspection one I have a better idea of the actual shape of the property)Taxes: $8,568Trash: $1,085Water/Sewer/Common Elect: $6,910TOTAL EXPENSES: $39,094NOI: $50,236Cap Rate: 8.37%Debt Service: $33,672 (5 yr arm - 25 year am, 5.0%)Net Cash Flow Before Taxes: $16,564Cash on Cash (Assuming 20% down): 13.8%ROE (NCF + Princip paydown): 22.1%DCR: 1.49Debt Yield: 10.5%Using 50% Rule: $83.28/unit/month