Due to the narrow lots we come across sometimes, it's necessary to get creative in putting the pieces of the puzzle together to build space, and spiral stairs seem like an option, but in real life, how do they work for people? 

Ruben,In order to make a decision, I think you need to look at all pieces of the puzzle.

That will give me authority on both llc without bringing in more pieces to the puzzle.

Depending on how much you need to 'borrow' will dictate how hard you have to work or how much of the deal you give up.If you have a lot of money, then find an experienced syndicator to partner up with.If you have a lot of experience but not much current liquidity, you can find money partners and people could bring you deals.If you have good deals, you can also easily find the other two.If you have none then prepare to bust your hump to find pieces of the puzzle and put them together for just a fraction of the deal monetarily, but a large chunk of the deal in experience.Then you build on that.

Location is a big part of the puzzle.

I am puzzled as to why he didn't fix it up himself and rent it out or sell it.

Given that we are such a small HOA, and all the owners are on the board (except one who lives overseas who's basically an absentee), we typically let the owners do the investigation/exploratory to determine the nature of the issues, and reimburse the cost to the owners if it's a common issue. 

Remember, cap rates are just one piece of the puzzle.

I can't express how happy I am now to understand that piece of the puzzle!

Puzzled, she went to the back door and luckily it was unlocked.