. $150k down, 5 year balloon, 8% interest, no inspections, repairs, or appraisal, $20k over asking, and most importantly.

You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow. 

Short and sweet here: There are no true DSCR HELOCs.

No I drew up my own contracts and filed the paperwork myself

And all properties need to be managed and supervised numerous times per year; giving residents the idea that no one is watching and/or no one cares will be a sure recipe for disaster. 

You can use form 3115 to catch up with any depreciation not previously calculated.If you have a condo, it is possible that there is no land allocation.Furthermore, if there were any assessments made by the Condo Association, you want to factor those in as well.

Also, check to see if you can find lenders with low or no closing costs.Curious—what’s the partnership you’re looking at?

can run scenario by me to see what can be done if you found no one yet.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

Most importantly, enjoy the journey and celebrate your achievements, no matter how small they may seem.