Up to 3 owners out of 6 may be unable to afford the repair, and the HOA president, as a parting gift, submitted to partial receivership to oversee the repair prior to resigning from the board. 

They can gift the property to you later if that is the intent, but the initial intent must be for them to acquire and hold as rental/investment property in order to satisfy their 1031 Exchange requirements.  

Google who pays the tax if gifted to you and how much? 

@Michael ChongThe easiest thing to do is contact the school district that you want to be part of and ask them for a map of their jurisdiction lines. 

I was pre approved but now the lender changed it so that I need to put 25% down and can no longer get a gift downpayment.

The quickest way to go nowhere in real estate when you don't know what you are doing and everyone convinced you that it was the easiest way to make money to then invest.

(And the first taxes you’ll owe if the property is worth more than $15k unless you have your cpa allocate the gift against your lifetime exclusion.) 

That will probably be the easiest. 

If all they need to do is walk away, the easiest for you would be to assume their note. 

As someone who has flipped, wholesaled, and rented for the last 14 years, and can confidently say it is far easiest to buy to rent than it is to find something with enough equity to flip or wholesale in today's market.