All information should be ignored by anyone looking to perform activities on the planet Earth.

Only you know the answer with the information you've given, here's the basic formula:ARV - purchase price - rehab costs = ProfitYou need to know how much the rehab is going to cost to know if it's a good deal or not.  

The lender that I have been using has informed me that the condo is not Fannie Mae approved due to the fact that one owner owns more than 10% of the units. 

Great information, thank you!

I'm going to have a conversation with the gentlemen later this evening and I would like some expertise on what questions to ask and what information I need:Maintenance records?

One piece of important information, my fiance attends the community college in Arkansas City and her and I are living in the house.

Tough to estimate from the information, but.....About 28 cy's of concrete.  

That being said, I'm usually pretty fair and call landlord references, check pay stubs, and review application to see if they meet criteria, and before I'm about to accept, I request the credit/ criminal check to verify all of the information is correct.

Any information to ease my mind on that would also be helpful. 

Could be it was built unpermitted County information systems online are.