Check the replacement date on the smoke detectors and the carbon monoxide detectors.Good Luck!

The Assessments levied by the Association shall be used exclusively for payment of Common Expenses including, without limitation (i) the upkeep, maintenance and improvement of the Common Areas and other maintenance obligations set forth in Sections 10.1 and 10.3 below; (ii) maintenance, repair, replacement, and operation of rights-of-way and easements within or immediately adjacent to the Project (e.g. landscaping and sidewalks within the right-of-way of adjoining streets) to the extent that such actions are required by government entities or deemed appropriate by the Board, (iii) promoting the recreation, health, safety and welfare of the Owners and other lawful occupants of Lots within the Property, (iv) payment of property taxes for the Common Area; (v) insurance premiums; (vi) legal and accounting fees; (vii) management fees; (viii) charges for utilities and other services provided to the Common Area by the Association, if any, and for all utility charges paid or incurred by the City and reimbursed by the Association for street lights in the Common Area; (ix) costs to maintain the entrance features, including any electricity, landscaping and irrigation expenses associated therewith; (x) the performance and exercise by the Association of its rights, duties and obligations under the Project Documents, and (xi) maintaining any Stormwater Control Facilities located on portions of Common Areas to the standard required by the governmental entity or agency having jurisdiction over such areas.

Take just for a minute putting the $40,000 you are looking to invest into a 5% savings account (check out online bank "Bask Bank" as an example).  

@Ozgur CebeI recommend finding an accountant specializing in real estate taxation.

I will check out the lenders referred to me  by PB, but is there any pros/cons to be looking for lenders outside of BP?   

I'm back in town this week I was checking on our deals in columbus. land cost is prohibitive in some ways but with the right group I think we could take down a good deal. there's some new legislation that is pushing density as well  which is favorable for land entitlement. thanks for commenting I'll follow up privately 

Account Closed. 

I hope all is well.We have a STR in the town next to Ludlow and we were booked solid for the Winter (every single weekend and many weekday nights.)Check out our property "Honeypot Farmhouse" here.We're just coming out of "Mud Season" now where everything shuts down (restaurants, etc), but entering the Spring and Summer, we expect the rentals to pick up nicely.

First, check to see who the seller has and get a dec page.

Check out this BP article that sheds further light on this topic.