Not being any sort of expert...and in fact being a NOOB, I say do it if you can get a deal on price (and the fixer-upper still works out to a deal after it's all fixed), if you do not need property management, and if you can genuinely make the cashflow math work with current rent rates.

At best HOA can only hold purchaser jointly and severally liable for assessments.

Your paper pusher does not control much over how you pay everyone, being unlicensed and all, it will not stick, give him a flat fee then unconditional waiver, if he will not agree, then pay subs (after agreeing a final amount) AND him on a joint check.

@Chad MillerMy statement was a genuine question, not to come down on your thought process.  

Likely you would want tenants in common, not joint tenancy.

(If you don't have one, get a referral for an investor friendly attorney and make sure you run the scenario by them to get Your ducks in a row before your joint meeting with the seller)If you need a hand let me know.  

So, to answer your question, you'll need to either do a Joint Venture where you and your biz partners share in the risk, return and responsibilities.

It's a very fine yet fuzzy line.If you use a JV (Joint Venture) agreement where the partners have an equity benefit and are are directly involved in decision making and you can prove they make decisions (when things go bad) then you'll be in ok shape.  

Hi @David KernerI coach creative financing which includes sub2, wraps, lease purchase, lease options, joint ventures with sellers on minor rehabs and more.Google "Brian Gibbons creative financing biggerpockets"

Thank you for your advice and your genuine desire to help others.