Like Edward B. said, your best bet is to call around to at least two, preferably three or more lenders and see what they have to say.

In regards to the comments about profiting from the HOA's, The HOA's are Not-for-profit entities, If you owned the property management company that won the owners Board voted contract to manage the property, that's an option to make some additional money but you can't make money off of the HOA directly.I would also suggest paying attention to your competition in the area, apartment buildings, What amenities are being offered versus what you'll be able to offer with your unit, what are they charging versus your all in cost to operate your property, etc. lastly pay close attention to the interiors of the condos and apartments in your market since you'll have to offer similar or a better interior depending on the other amenities with your property.

It was a bit of good advice from someone I bet my chance that led me to sell the property in the first place.

The key difference is that apartments are valued based on Net Operating Income, while the others are based on Comparative Sales Analysis. 

If you're doing a single member LLC, you just need to register on the SOS website, pay the fee, draft your Operating agreement.

I'm willing to bet over 90% of wholesalers quit or lose money within the first 1 year. 

I bet most of your friends didn't get their by paying cash for everything, though.

nope just do a simple LLC agreement with both of you as managing members or you manage him member and spell out the business arrangement in the operating agreement that is simple no need for PPM if its just you and one investor you know.  

When you calculate your cap rate (NOI - net operating income / Purchase Price) do you include your closing costs and initial repairs in your calculation or do you just go with the actual purchase price and leave those costs out?

Working for a developer and having done many deals where we operate and manage and have investors the deal is typically a water fall where.