At your age, the power of compound interest will just keep it growing. 

Second year compounds on the first so if the property appreciates another 8% it will go up more that 32k.  

Like Albert Einstein said, "compound interest is the greatest mathematical discovery of all time."

However, you will present them with option 2, in which they will carry the note for 30yrs, at 6% compound interest, with no down payment, the number will look like this:You will pay them $599.55/month for 30 yrs.

Compounding this is the fact that maintenance costs don't get cheaper with lower-income property.

In theory this works but in case of a dispute the escrow company usually files an interpleader with the court and deposits the documents and bows out to lets the 2 of you fight it out.

A second vote for annualized ROI, although I use a non-compounding approach.

Sell of the other Memberships as needed/wanted.This also means potentially have access to $45k chunks of money as needed in the future...or,Just sell the whole thing once developed for a $140k profit and "compound" the future cash flow by compounding you current cash flow position....I guess that's option #3.

It is a ranch home and the basement walls have a horizontal crack with a bow shape in the middle by 1-2 inches from vertical.

What compounds things even further is that condos have HOA fees which can run another several hundred dollars per month (they're also not deductible).