(Using words like "all" or "never" or "always" is dangerous, hence only 90% certainty -- I do not have all 8,000+ pages of FNMA/FHLMC guidelines memorized.

You are in a tight spot because the dangers are you have multiple units and if the Board votes for an $10,000 assessment you are stuck 10k per unit.  

You can't "include" state income tax estimates with federal income tax estimates as the IRS and state DORs are separate and distinct governmental agencies. 

It has shareholders, which is a subtle distinction. 

This got me to thinking, which is dangerous.  

Looking at the outlying towns is a very important distinction because you'll think cash flow is impossible if you're only looking at the City of Orlando proper, which is only 270,934 people of the metro area's 2.4 million people!

You are wrong and you're giving advice on things that you've clearly never researched, which is dangerous.

Danger, Will Robinson!

There are 8 wards and most are distinct.  

Curious to learn about your process so far, did you purchase the property as a second home or investment property and specific to your question, was this distinction asked by the homeowners insurance company?