Now, let me say that I did close multiple deals with said individual only to figure out a couple months in that our moral points of view were very differents. 

A good business plan is a couple pages long.  

About to make an offer of 750k in the next couple of days if you think it makes sense.

Johannes,If you have to make changes to the Association, I know of an couple of Attorneys in CT that have handled formation of these small (2-3) unit condos. 

I have a couple highly appreciated seattle properties held since 2006 and 2009.  

Ultimately, the owner needs about $10-15k minimum over next couple of years and he may not want to do this.I’m guessing you could buy it for $500k, put in $150-180k and sell for around 800-900k.

If you are considering investing out of your own "back yard" when starting with investments there are only a couple things I would do. 

My neighbor had a tree removed a couple of years ago, behind the house, needed some weird crane thing to remove it, and it only cost $5k.Is that a Silver Maple?

I made a couple mistakes in the calculation, but conservatively, I will still either break even or may lose up to $100/mo.

I have been approached by a couple friends and family members who would like to invest in the business.I currently have two people who would like to invest 100k each in a passive setting in exchange for a dividend or something along those lines.