Expect the whole can of worms, ungrounded wiring, old panel, cast iron sewer lines, cast iron supply lines, termite damage, roof, etc. 60k went by quick for me and I was doing most of the work.Seeing the comps in the area, pull the permits and make this a 3/2.

Unless you are doing all of the maintenance yourself, figure about 5k yearly for touching up paint, repairing misc. items the guests break, bikes, kayaks, BBQ grill, pool maintenance, lawn service, pest control, replace TV remotes every time someone checks out. 

If I were in your case, I'd iron out can I continue this level of success alone, if so am I willing to be a resource to my current team for payment?

The lease (with the current college students) was just renewed through their 2025 school year.I'm trying to figure out how to make this happen with little-to-no money down, as I have other 'irons in the fire' at the moment.I'm planning to offer $400-450k for the home, and am trying to structure something where a conventional lender would loan an amount that would be covered by the current rental rate (lets just say $300-350k)...   ...then, anything outside of that amount, would be carried by the Seller (for a short while)...   ...Seller financed with a ballon in 5-years?  

You should have the sewer line checked as cast iron will probably be toast by now.

@Clint JusinoAre all the drain lines cast iron and the supply lines steel?

Do you have any recommendations for setup of these Trusts and LLC's with operating agreements that are iron clad so creditors/lawsuits cant get to other parts of my life?

For instance, if the condo community is 17=20 years old, as you mentioned, there's a very high probability that you are not dealing with cast-iron drainage plumbing.

I'm getting my ducks in a row right now and plan to meet with the seller soon to try and iron out a deal that works for both of us.

They were actually great to work with and gave me a full refund because my iron levels too high.