To me, this sounds like the seller is literally STEALING the buyer's future appreciation profit by charging him/her up front and cashing in on the future appreciation of an asset they didn't help to improve.

We just moved on knowing it was pointless to waste time and energy on fighting the inevitable. 

If you go it alone, rather than add to your list of questions I would recommend that you bone up on the various terms and, clauses and offsets regularly used in office leasing to help best achieve your clients goals.For example, when dealing with tenant improvements (item 7), the landlord might say "I wont pay for any TIs". in which case you could offer 50% rent or free rent for X number of months if the tenant  pays for 100% of TIs. 

But I've just had a client that came to me with one, and I'm wondering if there's an efficient way to remove the property from the IRA.

Is the move to grab good rental deals and hold them until values really improve or will we start seeing high ARVs in these areas in the next year?

The good thing is that this HOA board is made up of 100% investors (since that's the owner make-up) and from my experience these type boards are amenable to constructive criticism, including governance improvements. 

@Todd Dexheimer is right about locking in to a longer term - I'd also look for longer amortization to improve cashflow.

But also consider the time and energy you'll have put into it.

I have been running numbers on multiple properties around the Quad Cities area to become more efficient and comfortable with the process, as recommended on podcasts that I have listened to. 

The property has always been self-managed, he has not had the energy to fill nor are the ones he has great.