Yes, they are actually selling individual units as well

You will be obligated to modify your home insurance once you leave, regardless of whether you self-manage or not and this would apply to Scenario 2 as well - for any property you don't occupy yourself.3. 

Jung,Welcome to the BP forum its a great time to start as mortgage rates fall and home prices still priced well in many states.

Their pictures of the leadership team is sketchy as well. 

Hope all is well.

I would go the VA loan if you can, no pmi will help your debt ratio as well.  

Are you thinking of acquiring in Iowa as well or are you open to other markets?

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

Well that is a bonus @Collin Hays!

The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant.