There is not enough money in the associations reserves (built up over time from members monthly association dues)  to pay for the repair of three roofs.

Also they confirmed they have skin in the game.

I think confirming your target client matches the size/cost of the unit is key here.

Might want to also confirm community property nature of the underlying asset.

We called and confirmed they'd continue to pay throughout, so I guess we're lucky there!

If you do a BRRR strategy, you probably could get away with investing only a part of your savings and having the rest as reserves, which will get you out of trouble for any rookie mistakes you make and let you grow faster. 

. • Does the borrower have cash reserves, or do I need to use a program that gives credit for the cash-out funds towards the reserve requirement?

Terms, covenants, conditions, easements, restrictions, reservations and other provisions, including provisions which provide for a private charge or assessment and also provide for an option to purchase, a right of first refusal, or the prior approval of a future purchaser or occupant, according to that specific Declaration of Condominium"ButThere is also ALTA 4.1 CONDOMINIUM--CURRENT ASSESSMENTS ENDORSEMENT which states: The Company insures against loss o rdamage sustained by the Insured by reason of: Any charges or assessments provided for in the State condominium statutes and condominium documents due and unpaid at the Date of Policy.Looking for advise on next steps.

Lenders do not provide funds without confirming any liquidity in the property.

Before proceeding, ensure you have a comfortable cash reserve for unexpected property expenses and maintenance.Property Management: Decide whether you want to manage the property yourself or hire a property management company.