The chances of this happening are very small and it would burden the team and owners more than its worth. 

Purchase price: $150,000 Cash invested: $100,000 I have rented this for 4 years now I am renovating it for an Airbnb now once on airbnb it will do 10-20K a month What made you interested in investing in this type of deal?

He wants to help me out and walk me through this process and give me a good property.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

The 50% rule is not perfectly accurate, but if your underwriting differs significantly from the 50% rule (which it does in this case), be sure you can justify the discrepancy.  

No and you need to put this on hold and research the condo nuke that's about to hit Florida in the form of new legislation that no longer allows condo boards to defer necessary repairs. 

This is not tax advice, only what I do.

Jumping into this thread!  

OK this means he is motivated.

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.