Developers often sandbag the pre-sale maintenance forecasting, then once it's sold out and turned over to the new, and typically inexperienced, Board, they run into serious problems within the first very few years due to inadequate or incomplete planning.I recommend you check out the resources here:https://thinktechhawaii.com/tag/condos/And, consider joining the local chapter of Community Association Institute here: https://www.caionline.org/Chapters/Pages/Chapter-Detail.aspx...Both of these have resources to help you learn about how an Association should be operated, and the role that Reserves and their funding plan fulfill.

Current income can be invested or (all too often) spent. 

That may also make most or all of your rent payment too. 

The tenants initially refused to sign the lease because they apparently liked having an oral agreement and not anything in writing that may hold them accountable with Grandma.

Also, put together exactly what the funds will be going towards (purchase, renovations, legal costs, accounting costs, property management, taxes, etc), put in a contingency in case you go over budget on anything, expected time frame (purchase to fully rented), put together a projection of income and expenses (proforma), their Cash on Cash Return, if you plan on using a mortgage or all cash, what is the exit plan, etc.The more information you can put together in a logical thought out way, the more legit you will look.

If you are interested in flipping, I suggest doing a small deal like that, then put some or all of your profit into a traditional retirement fund.

Hi @James Jones,Most obvious answer is to refinance one or both out of the VA loans into conventional financing, in order to restore part or all of your VA entitlement.

I’m wondering if a combination of selling 1-2 of them and paying off part or all of the $580,000 loan might be a good idea.

Gift them some or all of the down payment and set up a 50/50 partnership agreement.

The Ohio code treats oral agreements as M2M.