That said, keep your emotions out of it and simply respond to his offer with a VERY polite "thank you so much and I'd love to sign this for you today, but there were a few terms we discussed that I think may have been overlooked....those are XXXX".

Their taxes have increased dramatically over the past 4 years, 150-200% increase across the board.

Licensing fees, CE classes, E&O insurance, general business liability insurance, sentrilock/suprakey fees, board association, etcc.

Maybe it is more if you paint them vs hardie board siding?   

Also, can you sue the previous broker and seller for failure to disclose or at least report it to the local board?

We can add a schedule B to it with our own terms however the Land Tenant Board rules will always supersede anything. 

If you do more than one unit this way make sure you don't need a boarding house license in your town. 

If you can convince them a bona fide lender is on board, that's 90% of the battle. 

Quote from @Rich Thomas: You should have received documentation about the HOA board when you purchased.

Competition- for the same type and price point are there any new locations coming in board.5.