You do want to watch out for quirks in the state and local laws to make sure you're treating consistent with those. 

Sounds to me like not a lot of strict book keeping is going on in their office... so do I let a deal die because they are poor at office management?

If your score is, let's say, 775 in Credit Karma, you can expect your score in the report run by a lender to be 25-35 points lower (or more strict), like 740. 

Don’t know GA law, but typically yes, no court judgment is required.

I also realize that we are dealing with the law of averages, meaning that sometimes things go great and other times, not so much.

Find out if the HOA has been sued or have any pending law suit.

I am certainly not an expert at Alabama law, but I'm guessing that if he is actively soliciting you (without him being your friend or cousin doing you a favor) then he's supposed to be licensed. 

It really depends on the seller and local law. 

Going into the purchase, I ran the numbers and bought it as if I was using it strictly as an investment property so I knew once I moved out, it would cash flow. 

The building costs will be added to this inventory and will be tax deductible when you sell the property.However, you shouldn't do this yourself:Setting up the legal entity should likely be done by an attorney that has experience with your local laws and these types of transactions.And talking with a real estate savvy CPA will help you avoid making mistakes you can't go back on.