Are there going to be banks involved, creative seller financing or all cash? 

And this does not even involve business or real estate!

For the lease, can you list the girlfriend as an occupant rather than a co-tenant since she won’t be a financially responsible party?

Most lawsuits against landlords involve wrongful eviction, security deposit disputes, and Fair Housing Violations.

But I just want to start the conversation so we can negotiate the terms so it's beneficial for both parties.

The deal will involve complicated paperwork. 

I would hope that the BOA meeting would tilt in your favor considering the error on their part. I

Worked out nicely for all involved. 

No Sweat Equity: Repairs or maintenance must be done by third parties and paid for by the IRA.4.

Should I go through with taking ownership of the property and try to salvage it for profit or do I refrain from even involving myself in the situation as it may cost more than it's worth to save it?