100% the recipe is there and it's a cooking away but, I fear we are tapping close to a glass ceiling and when you get inflationary action like that and limited financial capacity of the populous that all spells Stagflation, and that's the looming fear I see on the horizon. 

Personally, I think the confusion exists because they say you can’t use it as a investment property but fail to clearly spell out what qualifies as an investment property while also having no regulation in the space whatsoever. 

You will  definitely  want to  have   everything  spelled  out with any  partner  in detail  (  cost  sharing  /  occupancy plans  /   property  management   duties  /  selling  the property /   removing  one party from the  loan / title   etc ...)  

You're already aware of the need for operating agreements that spell out who does what.

Who owns the item that is leaking (in your bylaws and declarations for the Condo association it should spell out what is part of you unit and what is the Associations)Without more details it would be difficult for someone to determine where the claim should go and if there would be coverage.

Their process for payment and reports should be spelled out.

If you want to explore this route, I would first get a Lawyer as part of your team so you can ensure any agreement is spelled out and protects your investment.

Also if they call for anything other than an emergency which will be spelled out (water gushing on floor, electrical outage, water outage, heat outage etc) they will be charged.

@Shane VorkYour current loan docs should spell out any pre-payment penalties, yield maintenance, etc associated with the current loan. 

I assume you’re either going to spell out the percent ownership on the deed (can you give someone 5% and call it owner occupied?