Not sure if this will go against the culture here but if I read correctly and you are considering tying up your primary residence to an investment property please reconsider leveraging the home your family lives in. 

You have many options.I have done the development side before and unless you are experienced, be careful.   

@Jennifer Turner I heard and appreciated your empathy in reading this in your post: "We know they're hard working and would like to continue working with them rather than move toward foreclosure, but we know they're in over their heads if we continue under the current terms of the mortgage and don't want to set them up for failure."  

I am staying wondering why there is so little information on tax liens,  i read some books on notes and foreclosures but looks like a big secret here... maybe that's the reason... i need to go into this to find out :)

From what I’ve read in Bloomberg, certain markets like Austin and San Antonio are still seeing solid appreciation despite higher rates...

I would also be careful talking to property managers - they may have no problem telling about "other" buildings, but change of ownership in their own building is a threat to their livelihood.

For example we take a booking, they read our zero tolerance policy on partying and noise complaints and then ask us to cancel because they are a bachelorette party and do not want any issues as they do plan to drink. 

Stop reading if you want.2) I couldn’t guess what “There is a 6 months of grace period before interest payment begins” means.3) They call their $3555 charge a “Loan Fee,” stated a few lines up as 2%. 2% of $235,000 (loan amount) is $4470.4) Do you seriously believe the loan fee, “… IS 100% REFUNDABLE IF THERE IS ANY DEFAULT FROM THEPART OF THE LENDER OR IF THE BORROWER CHOOSES TO TERMINATE THE LOAN.”5) It’s okay to pay an appraiser directly.

Im reading a lot right now and this helps me a lot. 2 things I can't understand from properties I've looked until now ( which all requires a lot of work), 1- owners who wants to sell their property and tells me also the rehab price, which makes no sense for me,( even the rehab price for me, with a quick estimation is 30-40% less expensive then told to me. ), 2-  Realtors that don't knows the ARV or rent price after rehab.Thank you again best, Ilir

Because with an HOA in tow that means your not doing it alone, you have active "partners" who will be taking care of a slew of things so think of it like training wheels.