The formula I use only needs one total private loan in the beginning (can be a couple of sources combined, but not a group, or any, under $100k each). 

I knew that the add on was done in 1997 but the combined building was listed as having been built in 1979.

@Chris Adams confirm that the association allows rentals and if so what percent of the tenancy they allow to be rentals.Also, get an estimate of what the unit would rent for when you expect to rent it and compare that to your mortgage and HOA fees combined.

I would charge my tenants to change their combination should they give it out to someone and need to delete and set a new one. 

An informal rule of thumb I've found is that if two months rent is greater than property tax and insurance combined, the numbers usually work well.A couple random expenses I've had from my two properties since April (after tenant moved in):Central air issue, broken screen on screen door, lack of hot water in shower, clogged drain from toiletLet me know if you have any other questions.

Thinking a hard money loan to cover the downpayment and reno costs combined with a commercial investment property mortgage might work though.

To combine the two in any way - with insurance or any other vendor/service would be a violation of IRS rules.Most retail insurance agents are not very skilled when it comes to insuring investment properties - IRA or otherwise. 

People like this don't change.Either way you and his tenant are a bad combination.

It sounds like it might just be more difficult around here to find that good combination. 

I usually figure 15% combined.