@Adam Shaddy The only thing you lose by writing the owner a letter is some time and 50 cents.

I recently had a broker send me materials on a property that were at 50% occupancy because the need for major capex made half of the units unlivable.

My DTI is at 50%. 

Following is how the ROBS 401k works: Because you directly rollover your IRA or former employer 401k, 403b, Keogh, SEP, SIMPLE, or other eligible account, to your new ROBS 401k  plan, which then funds your business, you incur no taxes or early distribution penalties.Unlike traditional 401k plans that allow for a 401k participant loan, that is, borrow up to 50% of the account balance not to exceed $50,000, the ROBS 401k for business financing plan allows you to use all of your retirement funds to fund your start-up business.The ROBS 401k funded corporation allows you to draw a reasonable salary from the business.ERISA 408(e), and ERISA Reg. 2550.408 list information regarding the use of 401k funds to invest in employer stock of the employer’s corporation.The IRS formally commented on the use of 401k business funds on Oct 1, 2008 by issuing IRS memo commenting that the use of retirement funds is not disallowed but continue to be reviewed by the IRS.The use of retirement funds for business funding entails the 401k purchasing stock shares in a C-Corporation.

It may be worth it to talk with the tenants and find out if there is something that could be worked out to keep them to stay if you didn't have any concerns with them while also adhering to your rules.  

I really underestimated the cost to add it, and in the end learned that comps were 50:50 split on having it verse not.

For ones you like and have renters you like you can put a $50-60k mortgage on it, still have $5k a year cash flow, and use that money for the next deal. 

Keep in mind that you are still buying into an HOA and you will be bound to their rules - with one company/developer having a majority interest/control, you may not like the decisions they make in the future but would still have to abide by them.

My friend wants 50% of the net profit.

He was not a young man but someone in his mid-50's.