While it may not have been to the letter of the law, all the tenants on leases cared about was their rent not going up, that we acknowledged they had paid a SD, and that we did not change when their lease was completed.

@Kena Bostick my suggestion find a deal (s) everything else will take care of itself. 

After Work Is CompletedIs there anything that I should be looking for specifically to ensure the smoke damage is completely taken care of?  

This is a good indication that he wants to stay long term, but you must be careful not to set the precedent that he can do this without going through you.

I realize i need to research carefully to be sure I fully understand it and my rights are protected.

Always be careful with condo  developments and do some thorough due diligence before making your offer.

Some of them are stupid, but you know what I don't care.

Now if you use a private lender then it is whatever you can negotiate and get them to agree to.Banks and even hard money lenders want you to have "Skin in the Game" In other words they want you to have some of your own money at risk so if things go bad you are less likely to walk away.

. $1 isn‘t skIn in the game.

People are getting desparate for a deal and don't care if the price is high or inflated.