Finally desided to test the waters with this property.

You should for sure reach out to a lender first and find out what they are requiring for you to have in order to prepare yourself to get started.

You can get water die tablets for like $2 to test the toilet tanks.

You're correct in that you are still required to occupy the property part time, and you do need to be prepared to show proof of this.

If your tenants are not willing or able to cover the increase, then I would prepare for a vacancy.

The cost is not that bad, cost to take the classes/test-continuing education, MLS dues, association fees, possible brokerage fees. 

Fortunately, because my attorney knows the board president, got his private number, and had him prepare and sign off on the board resolution saying the unit is an "Investor unit" and rentable. 

Alot more learning needed to figure out what my next steps should be and how I can use this experience to prepare for the next investment!

I'm trying to do my due diligence and be prepared before incorporating to be able to purchase the liens and deeds and booking something with a lawyer in my area.

Holding and distributing the purchase funds (escrow agent of the buyer, seller and lender), preparing the closing docs including the deed and mortgages if any and seeing to their recording (closing agent of the same) and issuing a title policy on behalf of the title insurer (policy issuing agent of the insurer).