It is a one bedroom in a great location and is move in ready.The only problem I see is that in the association rules, it states that owners that rent their unit must pay $1,200 per year and also $500 every time a tenant moves in.Are you serious?

He's not realistic enough on the price for me to invest in a survey to see what can be done, at this point. 

According to the tax code, you can recover you cost associated with the purchase, upkeep, maintenance of the home and any HOA dues paid.

This can be a pricey item that your lender (aka seller) might be willing to forego.You would still have the other fees associated with buying the property, mostly title company related fees.

Welcome @Luis RondonI'm in Miami market also, and I must say you have come to the right place for all things real estate investing. local Miami Real Estate Investors meetup at DREIA which stands for Dade Real Estate Investment Association. 

In fact I'm on the board of directors for the North San Diego Real Estate Investors Association (www.nsdrei.org).

It's a good start but may not be enough as huge investment is associated.

Vague language can nullify the clause if it establishes no guidelines to follow.If you are going to sign a clause you need to make sure it is written in your favor or as neutral as possible. www.adr.org is the american arbitration association website which can walk you through the proper steps to setting up the clause and finding a neutral arbitrator(soooooo important!)

Also would need another 40k to 60k for loan fees and due diligence with closing costs.2,000,0001 point loan fee is 20,000Appraisal depending on commercial property size 2,500 to 5,000Phase one and site inspection about 2,500 to 3,000Survey about 1,500Attorney legal counsel about 6,000Utility Deposits - thousands and maybe more if an out of town investor for the property.If title or survey issue are found legal can go over 10k for extra work to resolve.Hope it helps.

Is the location no good or maybe a bad condo association?