They are very real and, very C-D class. 

It did ok the first couple of months but since then there have been no leads at all. 

YES, I do provide a bonus / penalty structure to my contractors.

[1]    You might want to think about opening 2 FDIC insured savings accounts that have no fees.

If you have a high 7 rate then it might be beneficial in the long run to pay it down if you don't want to put it in a 4% savings account or CD.  

This is a crucialrequirement.Prepayment Penalty and Loan Duration: Will you charge a prepayment penalty? 

Is there a strategy to do a BRRRR with little to no money out of my own pocket?

You'll also have headaches with tenants asking for waiver of penalties and your NSF fees. 

Key Factors for a Good Seller-Financed DealCash Flow: Rental income should exceed monthly payments (PITI) by at least 1.25–1.5x.Purchase Price: Compare to ARV and market value for fair pricing and equity potential.Interest Rate: Aim for competitive rates; higher rates must still allow positive cash flow.Amortization/Balloon Terms: Favor longer amortization and align balloon payments with your exit strategy.Down Payment: Lower upfront costs reduce risk but should meet the seller's expectations.Flexibility: Seek no prepayment penalties and fair late-payment clauses.Property Condition: Ensure the property’s condition matches terms through inspections.Seller Motivation: Assess the seller’s willingness to negotiate favorable terms.Exit Strategy: Have a clear plan for refinancing or payoff at term end.Portfolio Fit: Ensure the deal aligns with your financial goals and risk tolerance.Vetting multiple deals and consulting professionals is crucial to making sound decisions.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...