There are two very common reasons for using a HML  -  a) Hard Money can help you buy a property very quickly - so you either dont loose it or you can strike a better deal moving so quickly; and b) some banks these days, regardless of property condition, want to see a stabilized property (under your ownership) for 6+ months. 

The reason the properties and others like this strike an accord with me is I am an architect and utilizing my professional experience and connections, I know I can turn this into a rent ready building fairly easily.  

Under that 75 unit mark you could get lucky striking a deal with a seller directly as they could be more of a mom and pop but haven't seen that really over 75-100 units. 

Strike 1- No checking accountStrike 2- No creditStrike 3- low wagesGood luck

Why start off with a strike against the property?

There are a million ways to strike a deal!

Invite them for coffee or lunch, see if you strike up a relationship.

An outsider who comes in to develop land will have a few strikes against him or her right from the get-go.

I could find deals through wholesalers perhaps... but I really think I will need to strike up a relationship with an investor-minded agent in the area that can tip me off to deals that qualify before hitting the MLS.

The HOA has a clause which basically says 2 strikes and your out.