So, pay him $230k, put $5,000 down, and have him owner finance the balance over 15 years at 0 interest.  

With more units, bigger budgets, making it easier for the HOA to absorb (not always tho)2) having someone on the inside is key, they can share with you information as to the true health of the HOA and politics. 3) FINANCIALS - Need to see balance sheet and P&L.

., but just getting the winning bid is super difficult.

What accounting software do you use to keep track of trial balance, and build financial statements for your wholesaling business?  

Sounds like it does not have proper cleanouts, either, making it difficult to get a cutter in there. 

my agent asked what their balance was... $300K... so only like $330k will pay commissions and costs and pay off the bank...  

it is a mortgage, but in reverse.. the interest is added to the loan each month.. so instead of his mortgage balance going down, it increases every year.. it will all depend on what the original number the back put on the house at the time of the loan, and how long he's been in this program.

If you expect those to items to be high/difficult, I'd grade the investment as a C+/B-. 

Historically speaking that is difficult zip code to leave with a profit.2) Who will be managing the properties?

Loans become more difficult to obtain, for the simple reason that the interest rate is a factor when it comes to approving mortgage loans – just study the formula of monthly income compared to the mortgage payment because lenders use your debt-to-income ratio to figure out how much of a loan payment you can handle.