There is no benefit in the HOA agreeing to allow you special treatment and once they allow you, they must allow everyone.

I just wanted to clarify as there is possibly some misunderstanding: the quotes I was given were obtained by the current owner, and are not 2 alternatives, but 2 requirements.So $22k to repair the foundation PLUS $130k for the inside of the 1350 sf unit and some inside and outside crack repairs on the rest of the building and the rest of the units.I will definitely get my own quotes if I choose to proceed.

Then the money is secure but not spent in advance in case of emergency and the tenant must vacate - extended out of the area medical treatment, care of inlaws or locates employment. 

If you decide on being in the proximity of Honolulu you should have many alternatives.

For those of you interested in the details of the deal:1945 4/2, 2000 sq ftListed at $87K, offered $82,500ARV $110,000We felt as if there was no room to remediate the existing repairs on top of a total cosmetic rehab which is what this property needed.Cosmetic Rehab - $10-$20KReplace existing wood and vinyl siding - $$$Asbestos remediation -$$$$Termite treatment - $$$Rodent infestation - $$Gas Leaks - $New stove - $New fireplace - $$$All this for a rental?????????

Unfortunately, there's a lot of misinformation floating around about lease options, and even land contracts, which sounds like a good alternative solution, but it may depend on the state.

I chose LLP (Limited Liability Partnership) over holding in my own name to get the lower tax treatment but still have Liability protection.  

Example; window treatments, furniture, lamps, etc.I have a friend that mildly stages his rentals to make them more marketable.

Cash or terms, where the terms could be several alternative deal structures.Brian is the master at teaching negotiation skills, BTW.

They showed up at his house and shot him point blank when he opened the door--so please be careful, use alternate addresses on your leases and corporate paperwork, never say your the "owner" of the house to tenants, just that you're just a hired manager, etc.)Most states have an "apartment association" (for landlords big and small).