But provided you trusted the association and the HOA fee's aren't more than home insurance, I think getting one to live in for a year with an FSA loan then renting in year 2 makes sense. 

I just sat tight assuming that he will either come to his senses or get appropriate legal advice.

I've finally realized I can't go it alone, and none of my old excuses seem to make sense anymore. 

When does it make sense to have a Buyer Agreement?

@Juan Jimenez,Welcome, sorry it looks like some of the messages are more solicitation than advice.It sounds like you have a handle on evaluating property and could apply that to finding something that makes sense to invest in.I would suggest selling if the place is losing money. 

Most conventional wisdom/lessons learned are to the tune of not over leveraging, and any discussion involving >80% LTV seems to create a sense of nervousness (I am making a generalization here).

My background is more in the buy and hold realm and I would be a mostly passive partner if I joined the deal.I'm trying to run the numbers and decide if this deal makes sense to pursue further or not, but it's hard to know what I don't know.Any thoughts or advice you could provide would be appreciated!

Know your numbers and have a game plan that makes sense when you show other people.House Hack!

I'm saying it's irresponsible to post your gross without disclosing all the associated expenses because it gives viewers a false sense of success.

hopefully this makes sense  thanks in advance for your answers!