Monthly income is around 7800 and rent payment is 3200 a month.

On top of the 8 months I would need another year or so to save approx. 30k for a down payment on the second property.

My plan is to pay cash and wait until interest rate improves, then refinance and pull out $150k for a down payment on a second property.

Find a trusted GC and PM.

So, it'd be a 12 month of interest only payments before full principle is due.So, my strategy is the following..

Then, when someone goes to get financing for the asset, the house appraises low, and since the lender is forced to lend off the lower of the appraised value and purchase price, their loan amount must drop and the down payment increases. 

To be assumable you need a purchase contract with the owner, settlement statement/payoffs to show your down payment makes any sense against what is owed.If the HOA really succeeds, you will see that a Board member is miraculously on the transfer sale deed...The HOA cannot sign a contract to sell to you (they don't own it yet).

From what I've seen I should not open a LLC or trust at this point since it would be my first property and it would be out of the state I live in.

How can I manage/track payments? 

I have yet to close a deal for an 18-20 year old, though.o Financing: the max eligible financing for a purchase of a property on a 30-year fixed is 80% LTC - requiring a 20% down payment.