@Jaycee Greene I wouldn't have the funds for the down payment. 

Take the proceeds and invest in a highly trusted Syndication or fund and enjoy the passive income.

I wouldnt want to sell unless I needed the funds for something else .But it doesnt hurt to ask them if they want to sell 

This leads to state funded insurance which will be very costly because only those at highest risk will participate in it and if the losses continue, they eventually will need to get the money from someone (rest of people in california?) 

Here's the problem: They are not a sustainable asset for most to own; they are difficult and costly assets to exit through a sale; if you achieve favorable refinances, you may be able to use those funds to buy other (hopefully better assets) but are now faced with operating highly leveraged bad assets. 

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

If they did, the previous manager is obligated to transfer those funds.

When the housing market became seller friendly, I unloaded 5/6 of our long term rental units, paid off our house with that and invested in stocks and mutual funds…completely no fun, right??

@Adam Newman you will want to confirm this with the bank but you can’t take a loan out to borrow for part of the down payment so you’ll need to provide all the funds yourself or have a gift from someone for that which you don’t have.If you have a gift from someone to bridge the 20%, that would be ideal.  

Technically, you can't buy a (mortgage) loan interest rate below the federal funds rate right ?