The term "material amendment" as used herein shall be defined to mean additions or amendments to provisions of these Bylaws which-establish, provide for govern, or regulate any of the following:  (a) voting; (b) assessments, assessment liens, or subordination of such liens; (c) reserves for maintenance, repair and replacement of Common Elements; (d) insurance or fidelity bonds; (e) rights to use of the Common Elements; (f) responsibility for maintenance repair of the several portions of the Property; (g) expansion or contraction of the Property, or the addition, annexation or withdrawal of property to or from the Property; (h) boundaries of any Unit; (i) the interests in the Common Elements:

Have you thought about a large down payment and working with a lender to fund the rest?

That's going to continue to be an issue unless Michigan stops tying property taxes to school funding.

Im going assume since you put funds into the unit that its "move in ready"?

Lacking much in funds, my summer has been spent reading and learning as much as I can.

If you don’t leverage you might as well invest in a passive index fund.

Nicole - the HELOC is a good option for the  down payment source …..if you dopnt already have the heloc in place ..get it in place  for as large of aan amount as possible  …….once you locate a property to purchase - you can then  determine if the HELOC  is something you want to use for all or part of the funds needed

@David Tamayo banks require significant due diligence to fund a commercial loan. 

Considering all funds are going to senior holder, it seems logical that the two banks would negotiate in order to complete approval process.Is that how things go?

Ill try to insert a link for analysis if anyone is interested in seeing it, very basic.What I am concerned about regarding finance is it tying up all my funds if I cant refinance to get the equity out within a few years.