What I can add is that managing 15 units in and around Rochester NY meant a new water heater every four or five months, and a total of three roofs and two HVAC systems (one replacing an octopus from the 1880's) in about 5-7 years.  

However, I elected not to increase rents this year given COVID.

@John Silva The loan you're looking at is meant for the refinance of the BRRRR; it's not supposed to be used to acquire a property that hasn't been renovated and stabilized yet.  

After researching some more, we had a question as to what exactly is required or meant by the borrower having to live on the primary residence.

Maybe that is what you meant by "other entity", but I just wanted to clarify that you don't need a business entity to have a business.

Yes correct, I meant hard money lenders/private money lending companies.

As a previous HOA President, you'll most likely need to wait until the next election cycle unless you can convince the board to voluntarily leave. 

This is not meant to discourage you in any way.

I meant to say 10 out of 10.  

And yes, I'm watching the election results at the city council and mayoral levels closely.