https://www.irs.gov/newsroom/how-small-business-owners-can-d...

Terms can be whatever the owner makes them / you negotiate3.

For example in many jurisdictions I can STR units in a duplex but cannot STR an ADU (some jurisdictions will let you STR if you owner occupy).

There is HOA debt in the amount of $21k piled up from previous owner.

If I wanted to owner-occupy a 5-10 unit apartment building, would I be able to do 5% down conventional financing or must I do the 20% down simply because anything 5+ units is commercial? 

The owners of the company have 10 acres where they build a few manufactured homes and use those as STRs.

@Peyton LaBarbera you're not going to find or get a lot of info on SFR properties.For apartment buildings, owner's agent will typically provide a glossed up Pro Forma.

I have had to turn away people that were literally crying/begging on the phone as I turned them down and you feel terrible, but I have a responsibility to the Owner to manage the asset responsibly. 

All that aside, this is my first investment - what should I be asking for from current owner?

They have so many great resources for owners and the community of hosts, property managers, and other vendors.