That is in addition to clauses that require anyone that stays more than 7 nights in 12-months to apply (then it becomes our choice if they are treated as a temporary occupant or tenant) and prohibition of subleasing.

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

Additionally, make sure you’re familiar with local property laws and any regulations that could impact your investment.I agree with @Jason Wray that you can easily find a cash flowing deal under 200k. 

I think what @Garrett Brown is getting at is using this in addition to other methods.

Your post neither provides valuable or additional information nor did you post direct questions like the rest of us do.    

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

Additionally, I was not making enough from my corporate job to support any kind of significant mortgage payment.

It looks like there's an additional day of interest in their calculation which checks out just fine.

When its included in a lease for real estate then the laws pertaining to residential rental security deposits in your state apply but when its separate you should have more leeway to get some additional deposit to protect you.

In addition, condos tend to not appreciate as fast in value compared to single-family or multi-family homes.