I just sold my condo in Illinois.I had issues with the HOA while I was living there because they were secretive about things.They did not submit any newsletters or emails to keep condo owners up-to-date on what was going on.We only had 2 board meetings in the 3 years that I was living there even though we were supposed to have 4 every year.I did not know who any of the board members were with the exception of the secretary.I was not even given an official address to send payments or requests to.We paid our dues by placing a money order or check in a mailbox in the basement.

@Alex HostetlerYou said you had a verbal contract, then the seller filled the unit prior to you submitting the actual offer. 

Should we submit an offer to the sellers and put some contingencies in there?

You can copy that letter and submit it with your offerers submitted and give the owner, hopefully, some comfort that you can close and afford his property.  

Question 3 - Does it just make sense to wait for the price drop and then submit a bid?

I used to do this for a software company and knowing what the prospect wants lets the dog wag the tail!

What you can do is hire an architect and have the plans all ready so that when zoning approves the subdivision you can go into the city the next day and submit your plans.

No one is going to spoon feed you all the answers.3) Use software that sends out the letters for you and in the meantime research the scripts that wholesalers use to close deals.

You submitted your applications, application fees ($70) and half of the deposit ($430) on February 22nd.

I would imagine you have 1 account for all properties and manage just 1 account and use quick books or some other kind of accounting software techniques.