Chad,I strongly suggest you review the By-Laws of the Association to determine what parts of the Building you will own. 

I have had folks hold on to our letters for YEARS and call us when they finally determine they no longer are going to use the property.  

The other caveat is that your credit score will determine the LTV as well as your ability to service the debt.

However, I have determined to stop letting deadbeats get away with it.

If you are planning on investing in the States (I deal with this all the time with Canadian investors here in Arizona of which there are plenty) they overlook talking with their chartered accountant before determining the entity they chose to purchase under.

Looks like I can pick up single family homes for $50k or duplexes for $100k.

Its best to find your own comps to determine value.

The areas where students live have been picked thin by investors for years.

@Wagner AlcivarIf I were you, I'd pick up the phone and try calling other homeowner insurance providers.Allstate, Progressive, State farm, Amica Mutual, etcThere are plenty of them and they each have different underwriting procedures.With some, you'll qualify.

@Mike Flora, Your purchase price is what determines the replacement value.