(or at least working for someone forever.)......the high cost of bright and shiny objects.

I'll mostly be financing at a high 8% HML or using a home equity line of credit on my grandparents home to cover a 25-30% down payment for a conventional loan.I know this will keep me with a small cash flow, but it'll give me something, help build some credit and allow me to pay down principle on a building that should be $100k market rate with 20k in equity.

I'm sure its going to depend on the number and how much we can rent and all that...but just as a principle, should this be avoided, or is it still a good opportunity make money?

My payment would be $330 lower a month so it would take me about 3.5 years to break even and 2.5 years to pay off the extra $14k rolled into my loan with principle payment every month.Is it worth it?

A Real estate principles class, business law, finance, etc. can all help build a foundation so that you understand contracts, money, etc. 

I needed to zero in on what my real objective was and once that was clear I could recognize the right opportunity when I came across that needle in the haystack.

Let me give you some general principles. 

Now everything is fine, but all financed/loan purchases were on pause and not closing escrow for about a week, while the insurance carriers applied the "wait and see" principle.

It just depends on what your goals and objectives are. 

Assuming the bylaws do not require it (unlikely) and no owner objects, there is still going to be an issue when someone tries to sell their unit.