In any competitive market, consider Seniors with Long Time Ownership (ready to downsize or transition to assistance) and Homeowners with Low Financial Stability Scores (FSS).

I have watched a ton of house flipping shows on television, thought to myself of what it would be like to become successful at it then become financially independent.

@Jason DiClemente I think you're being too generous about  them not caring about personal DTI. as a first multi and not much history, personal financials will be an important factor)-credit score doesn't get whacked too bad after your credit utilization goes way up-have 6 months of reserves, and maybe more -property is profitable to support both debt servicesthen you can probably knock this out.

Third, it doesn't appear as if she makes good financial decisions if she has "decided to buy but cannot afford to buy." 

I would think it more advantageous to your family's "personal cost of living footprint" to sell your current place and downsize to something more financially comfortable for your budget. 

That is my end goal and this deal is a small financial learning lesson for me.The property is subdivided into one 4.5 acres and 2 - 2 acre parcels of land.

The bank will want to see you and your business partner(s) tax returns and personal financial statements. 

You'll probably want to get on the condo board as any financial decisions are going to affect you x19.

You can request the HOAs budget and financials to determine if it's reasonable or not.In addition to landscaping and pool, an HOA is also required to carry insurance on both the property and the board of directors' E&O insurance. 

I've built a financial model that I help other investors analyze deals so let me know if I can be of any assistance.