But I really just want know the legality of the situation.

Because I know most coops go thru board approval for whoever comes in after the seller and to me it always sounded like a lot of extra (paper)work.

Hey guys, im a new motivated investor,i am 20 year old and im looking to buy a rental property in the future but where i live 90% of the rentals do not cash flow and if they do, they are D class property or non-legal/non-conforming duplex/triplex. 

What decisions will require unanimous approval versus one partner can act? 

Tomorrow if the tenant approves it or the next day, I would go down there and inspect the replacement faucet.

Get together with a mortgage broker, they'll be able to give you all your options and get you pre-approved so you'll know exactly what you can do.

They are multi family properties and one of them even has pre approved plans from the city for an additional 5 units (literally ready to break ground).

Listen to your gut.As you said, it sounds to me like she’s trying to rent the condo for her daughter, but her daughter has some sort of stain on her record/credit that impedes her ability to be approved for an apartment. 

With a regular, regulated lender neither one is legally possible and wouldn’t meet fed/state banking regulations.The current lender will either give you a discounted pay off, or they won’t.....that is your only solution to refi.The deferred principle makes this sound like a loan Modification done by a major lender.....not sure what a “balloon payoff penalty” is, sounds you are mixing up terminologies.

Should I go thru a bank and try to get approved for a loan?