I am guessing they probably raised $15-25M from investors for the deal, so while the bank would still be covered investors would appear to collect maybe 10-20 cents on the dollar if they were to liquidate.if that's the case then I don't see buying one year really does anything unless I am missing something ? 

@Roman Balmakov If you are planning on holding the property long term and have enough reserves to cover even worst case scenarios it could still be worth it. 

Ensure that the cash flow from short-term rentals will cover your expenses.Ultimately, it depends on balancing location, property condition, and cash flow goals.

You could agree with the Seller that you will accept up to $10,000 in the special assessment and the seller covers the remainder.

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

(I am starting investor, please understand)So many guys are buying in second-hand market, when original can not cover their mortgage payment because of the depreciating rent, and let go of their property at great value.

If you are skilled in each of the areas above, and you have enough in reserves to cover the costs of when things do not go as planned, then you can likely attract money from private money lenders who want to get a return on their money and they see lending to you as a low risk way of earning a better return than in the other passive investing options they have. 

If the loan lasts many years or it becomes a problem child, the points we get does not cover all our efforts.

$6000 is a large mortgage to cover for a vacancy. 

Does he not cover that yet?