This is basically a math problem that will depend on both you personal finances & also how much of this is an investment vs you want a nice house to live in4.

Close to the University of Virginia and a large research hospital. https://www.airbnb.ie/rooms/851008521978902877?

The last one I dealt with for the past two weeks, is a large corporate cash buyer that just admitted that they need 90-180 days to close on a deal!

It will still be reported on your personal tax return.

I personally really like the suburbs, and that's where I have most of my rental properties. 

but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.

If the person stops making payments, they alas,  have to foreclose.

I say "may" because while I have read about this in several places, I have not personally verified this to be true.I usually pay contractors by check the minute the work is finished and approved.  

More like one person on the HOA is opposed.  

I also have personal W2 income, if that matters.Is there a loan out there for a set-up like this at 15% down?