Sidenote, never ever base your financing decisions off what it would rent for as an AirBnB.. lots of folks in my market getting burned real hard right now for doing just that, after the city put the kibosh on short term rentals.. if it doesn't make sense as a regular rental, don't do it. 

The owner would like $1,200,000 and will carry a note for $1,000,000 - $1,100,000. he ideally wants $200,000 down.As with most new investors I do not have capital for that type of down payment.A liitle about myself:I work a regular 9-5 job and also have a realtors license I have done two wholesale deals in the last couple months since starting to devote a couple hours a night to investing.

Also dig into the condo docs as sometimes there are special assessments that can come up from time to time beyond the regular condo dues.  

Is a  home inspector a must or a regular contractor who can tell me how much the repair will cost?

This is mostly due the size, as a lender we are qualifying the building's ability to repay not your personal ability to repay.However, if you have good income getting a regular commercial loan secured by the lot shouldn't be too big of a deal for a community bank or portfolio lender.  

Im possibly looking to refinance it into a regular loan.

All conventional mortgages should have identical underwriting standards.  

Find a real estate investment group that meets up on a regular basis.  

If that is the case you will need to do regular inspections to insure they are adhering to their lease.

Your attorney should threatening lawsuits and contacting them on a regular basis.