Spend 5k of that with some smart hustle and build a cash reserve to support your buy and hold investing.

You as the majority owner would collect the real estate taxes and building insurance premiums and reserve for maintenance as condo fees.Either way you should get the advice of an attorney who does this type of work.

We already have a reservation management software we use and like, but it doesn't cover maintenance.   

It all depends what you can afford and the area you are investing. 4 fam will be ideal but do you have the money for down payment, closing costs and reserves for the unexpected. if you do then go for 4 fam. 

I personally would be hesitant to use all my cash reserves to purchase the property.

My only reservation in doing this would be that when they decide to move on you are going to have a completely empty unit and no cash flow until you get it rented again.Be sure to go with your gut though.

Please reserve comments about not addressing this lease before purchasing the property.

Helocs are flexible and if they are large enough can have a number of other benefits such as the potential to provide additional reserves or provide cash for improvements.

Make sure you have cash reserves aside from the HELOC, buy smart, make sure your numbers fit your criteria for CASHFLOW, and make sure you clear your lines ASAP if you do the interest only option.  

@Devon Moore Not being a lender myself, I don't have that kind of information at my fingertips - but I'd put a call in to any of the local lenders or a mortgage broker.I reserve the right to be wrong, but I believe that they include 75% of the fair market value of rents as your income.