He's looking to turn it into a 4br 3bath and possibly turn the basement into a livable space.He offers a promissory note for a payout of either a set interest rate or percentage of the profit, whichever is greater.

When we sell them, I get a small percentage of the fee from our service.

Some lenders will pay a decent salary and small basis points, (commission percentage) some will pay a minimum wage salary and bigger basis points, and others pay 100% commission with some very high basis points. 

Consult those same documents to tell you how many or what percentage of homeowners need to vote for that change.If the paragraph disallowing it is in the Rules & Regulations, then you will need to petition the board to change the rules or provide you with a deferral. 

Another option would be to get a low money down payment loan, but then they would have to pay PMI, unless if it could be avoided somehow.Applicant 2 aloneThis applicant would definitely not qualify for good interest rates but they could comfortably put a large percentage down, e.g. 30% ,50% ,70% depending on what they are comfortable with.Applying JointlyIf both applicants apply together would they qualify for interest rates as good and what applicant 1 could get on their own?

@Adrienne MedinaYou may want to look into transferring the IRA to IRA Services Trust Company as they charge flat fees not a percentage.

In my city, New Orleans, a very high percentage of STR licences are held by out of town companies and investors, not locals.

I'd be very upset of our HOA changed the bylaws to allow a greater percentage of rentals. 

Which accounting bucket you get it from isn't going to change the Big Picture.I always use a percentage of rent as CapEx whenever I'm analyzing a property.

Use 8% for vacancy and bump your percentages