If I am reading this right, you would be getting a home worth ~ $149,000 for $149,000 (65k loan + 84k loan), would be vulnerable to letting the bank use their option to demand the full value of the home now, and you do not think you could get any bank to give you a loan for the bank's full demand of $84,000 if this were to occur. 

Remember everyone has a frame of mind, the realtor wants to sell, the inspector wants to impress with his detailed findings, the PM wants to rent the unit out with as little effort/turnover/maintenance as possible - so you are able to get a detailed look through many different frames just make sure you are dealing with people you have researched and trust.I know how stressful it is to buy the first because there is a lot of pressure on something new - and only having one leaves the business vulnerable, but as long as the numbers are great and you do your due diligence then you should be fine.

Starting out with tenants on a month-to-month arrangement leaves you financially very vulnerable.

Those are even more vulnerable to HOA rule changes and even regulations.

If the roof is a flat metal roof, see if it has at least a 2% slope on it, otherwise it is vulnerable to roof leaks especially in a rapidly melting snow.  

Which makes this complex very vulnerable in my opinion, abd the worst risk with this investment. 

I haven't crack out the calculators yet but the bank looks at the following comps in order to work with youPrice per unit in your areaExpense price per unit in your area for 10 unit buildingsCap rate for your areaIf you are paying cash then the above won't matter but I love you are being vulnerable and asking for help.

In general, I think buyers looking to re-purpose the home will not want to evict such a vulnerable segment of population.

The majority of people don't have the courage to see themselves objectively and vulnerably as you are doing.

Keeping each property in separate companies will further limit the assets that are vulnerable in a given lawsuit involving one of your properties.You will also have liability protection that applies to situations involving creditors that are seeking to resolve debts.