If this is not possible, take some time to get to know and be-friend the other HOA board members before you waste money with an attorney.

You can purchase this with a low-money-down FHA loan. 

This is the equivalent of a car salesman pitching the "monthly payment" of a car instead of the actual price of the car.

So I get 4-6X rent for not much more money.

The ROI on your money can't be beat.

We own our house in Seattle and are trying to determine the best strategy for our move - what approach would net us the most money over the next 1-3 years.

However, I'm not 100% sure this was actually a mistake.

I would only underwrite based on actual rents not proforma.

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

Personally I like to build with cash to avoid the extra expenses, so I dont actually finance anything until its done and I have decided to hold it.