HOAs in condos can be very tricky bests indeed via membership dues and special assessments.

@Tyrek Evans Unfriendly and poor comprehension skills.

The property assessed for $148k.

My advice would be for you go get some experience first, build up some assets/income on your own and then assess how you want to accelerate your investing.Both have their pros & cons. 

You are even welcome to pay the other side what they need to keep your assessed value down. 

That will be the easiest way to increase your ARV and give you a bit more room for renovations.Secondly, it is impossible to assess rehab estimates without knowing what area you are in, but many look off compared to what I would pay.

Realistically, it might take 10 years of ownership to average out the bumps before you can accurately assess average monthly cash flows.  

A zoning attorney will most certainly help assess the property for you and figure out its best use.

i.e. can I drive the appraisal value up by increasing my NOI, or am I at the mercy of what the appraiser thinks the house should be worth based on subjective assessments of condition, square footage, # of bedrooms, location, etc.?

Originally posted by @Daniel Weber:If they are on the same lot and same deed, then from a financing perspective, this is going to require commercial financing.That being said, the value will also be assessed as a commercial property and not a residential correct?