I think our last set of plans took 5-6 months approval time (this may have gone down now). - Construction is more expensive.

I assume you plan to use an PM?

Plans to were announced last month to invest $2B into the cities airport in anticipation of the population/business travel growth. 

If you are partnering with them for their cash, then partnering for that purpose is likely more expensive than financing if you actually execute according to your plan.

The lender plans to finance 80% of the purchase price and 100% of the renovations for my property, which is approximately 3000 square feet, renovation loan amount of around $50,000.

Understand Your Assessment: Review your property assessment carefully to ensure its accuracy.

One that has experience in the investor field and can help shape your investment plan. 

#2 If the pipes were shared with others, does HOA have to take care of the issue? 

But if your plan is STR, then you need to understand the laws and that they are subject to change.

I have clients right now operating in the black and they are doing it because they are aligned with a great team for management @Alice Horn and they purchased with a clear plan to move forward.