Include a budget for initial repairs.

Capex budget has to account for roof, floors, appliances, hot water heater, hvac, etc.

They need to be able to manage budgets. 

What if they want upgrades outside our Reno budget?

Rent seems a bit high, the repair budget seems quite low especially given how much added value it would be creating. 

My capex budget includes but is not limited to: roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, kitchen and bath remodel 20 year life span etc.

One day he’s going to tear it down, next it’s rented out to a drifter type guy who is sleeping in his truck behind the building, and then next week he offers to buy our half for pennies.

Build your proforma operating budget and apply a market cap rate to get what the stabilized sale price would be.  

Also get your financing lined up, I'm in a bottleneck right now because my realtor wants to know what my budget is and I have no idea what I qualify for.

You want an agent who will read the HOA budgets and meeting minutes and who feels comfortable making calls to the management company and HOA board members to get the lay of the land.