I hope I never have to use it but am prepared if I have to. 

Things that will cost you extra are screening reports (all companies charge extra for these), a small fee to establish electronic bank transfers (if this is something you will need at all), letter mailings, and 1099-MISC tax form preparation. 

Prepare a landlord-tenant talk to communicate expectations from either parties.

Be prepared to walk away...no matter how far you've gone into it, or how much time you've spent.  

Not just a little mold on drywall, but usually I see these with a major remediation project so be prepared to gut it and possibly have the mold professionally removed.  

Why is the owner selling is my first question.....and prepare to have smoke blown your way.

They have now prepared a stipulated judgement order for us to sign and return back; in the order, they are asking the court to register a judgement against us; we are not comfortable with this.

"I am prepared to proceed with legal process to remove you from the property if you pay rent late again."  

Quick Summary: I bought my first condo to live in, and eventually rent. Read the R&R, everything looked fine. President of the HOA is making it sound like I need to get a permission slip for interior improvements,...

Likely the best bet, is contact a Title Company or Title Attorney to prepare the transaction for you so you ensure it is done correctly.