I'm not even sure if the ink was dry before I received my first special assessment.4.

HI Jonna,What wayne mentions is generally correct however there are other FHA related guidelines to adhere to as well such as the self sufficiency rule in which states that in the event all units are rented at market that that monthly figure is able to cover the entire monthly PITIA (prin/int/tax/ins/assessments) of the 3-4 unit you are purchasing (this does not apply to 2 unit properties).There are other stipulations on 3-4 unit properties as well such as if you use a non occupant co-borrower you may need to put up to 15% down instead of the normal 3.5%. 

I sent a refund check for the deposit minus all damages assessed on the propery.

Can I ask you a few other qualifying questions that will help me assess your properties value?

How many “late” payments does it take to have a fee assessed?

The short cut to your assessment and unasked question is come with 35% minimum.

As i mentioned few days ago in one of the forums, i was told it takes round $32k to fix the issue (based on one contractor's assessment).

I spent a lot of time looking at Condos, but eventually decided that the monthly HOA fees, coupled with the uncertainty of potential Special Assessments, and possible difficulty in selling, didn't make it such a great move.  

I agree with your assessment of putting tax advantaged assets in an already tax advantaged account.  

That info should all be public record and should give you a baseline for assessing deals.