However, I'm also aware of the incredible opportunity that the commercial sector provides.

Can you rent the whole building using government housing programs?

Regarding exorbitant fees the HOA can charge whatever is in its governing documents.

I just think it is such B.S. that the government is telling me I am not allowed to invest in a deal like this when I have the necessary financial knowledge and understand the risks involved. 

No regulatory authority governing the niche.Says the guy chasing 2 BKs and a lawsuit today. 

You go with the best terms available.Between PMI, the government backing, and the fact that most banks sell their mortgages to Fannie/Freddie, banks typically have very little (if any) actual risk.

One needs to understand the outlook for the sector they're investing in for example as of this writing malls aren't doing so hot (they're getting killed by online sellers- think Amazon) There's quite a bit to know, more than I can write here .

Chances of that happening with the lack of government infrastructure is minimal.

Since the property is usually owned by the government or a bank, if that bid is not met then they can decide to hold the property until another time which it will go back up for auction.

I found a property, while D4D and it is seized by the US Government.