I may be in error using "all", please excuse that.Absolutely a wholesaler can act professionally, with integrity, deal honestly, in good faith, with valid contracts and fair valuations, but they aren't if they simply tell a seller they are  buying, then chase off looking for areal buyer, assign the contract with their hand out!

Yes, it can be toxic/dangerous, but it can also be extremely common and natural.  

If it's not common for houses in your competitive bracket, I would skip it altogether. 

We have some common goals and I like your vision.

Can he simply become a "tenant in common" owner?

but that's not entirely my point...Regarding the size of the building...If you have 15,000 sq ft of livable sq footage, I would have to assume there would be upwards of 20% added onto that number for common hallways, lobby, etc.  

Make sure that the big numbers make sense and that you have a little room for error and just buy the darn place.

You'll need a good accountant to help you calculate this annually.Non-recourse lenders generally require a higher down payment, have certain property requirements (must be income producing, etc) and the loans are generally structured as 3 - 5 year ARMS.A third scenario would be your IRA co-investing with someone else as tenants-in-common.  

To counter this, I see more communities providing a common area, "designated grilling area" on a slab away from the building.

I budgeted for $50/yr per unit, current assoc dues are $125/mo per unit.How much deferred maintenance/repairs should be in the budget considering association dues cover all common parts?