Old post but I figure I would comment here... my Company, Maven Cost Segregation has done studies on projects like this.

We don't even a Board yet (it's a new build), and it's all being coordinated by the HOA management company for the building.The developer offered to make the new door key fobbed on each side for entry, and would install a new security camera. 

.-- There will be some new category of property created between residential and commercial, as @Robin Searle noted.

@Christopher Smith there are many...but in my opinion really only three companies out there that offer the ability to 721 into a large and diversified REIT that i'd feel comfortable with. 

Tried to get title search but it’s too late it seem and title company does not guaranty anything after charging $500.

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Yes, they can dispute the charge and then the CC company will have to open a dispute that you will have to answer to attempt to get your money. 

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

. - Most Fortune 5000 (and others) companies do this.

There are a couple of companies out there that will let you do a cash out refinance with no income!