Depending on where you are there may be conventional products that still allow you to put as little as 5% down.

Does the condo allow more renters? 

@Moss Siridajnawanan send the tenant a Notice to Terminate Tenancy, or whatever your state version of this NOW.Typically, you can put the end date of the lease in the document.This is a legal document that tells the tenant you do not want to renewal their lease and also allows you to start eviction process the day after the lease ends if tenant does not move out.

That is a hefty renovation budget but there are loan products out there that will allow you to finance larger rehab projects.All the best to you as you decide to invest in or stay away from NYC! 

I always wondered why whoever makes kool aid has allowed that to go on and on.  

. $25k special allowance is not optional.

The HOA told me that though that's a bit low, they will allow it as long as I use area rugs so that 80% of the unit is covered by rugs or carpet (I have carpet in the bedrooms).  

This allows you to pursue the company for any financial default which includes damages if not paid for on demand.

Consumer borrowers have the option of a 7 or 13, sometimes a 12 if they are fishermen or farmers but none of those allow for restructuring.

There is also a 3rd bill, SB 1211, that is supposed to allow more ADU builds on  multifamily homes.