As I understand it: As a 1st lien holder you are actually 3rd in line behind the County (taxes) and Utilities. 

In my market, when you get into commercial it is much more common for the buyer to pay their own agent as opposed to them being paid by the seller.

The "no parties" clause prohibits parties that spill out into the common areas and/or cause a disturbance for other guests. 

One major benefit from that will also be the ability to utilize one management company and if you ever do visit the properties it is an easier process.

How many units is that, what area is it in, what are the average rents, when was it built, what utilities are the owner paying?

The higher your limit, the lower your utilization rate. 

My real estate friend said he remembers there being a law in AZ that states HOAs must have a termite bond on all shared/common areas.

@Ike Ekeh @Justin R. has pointed out one of the major points that will determine your price points and targeted markets for solicitations.Another thing to consider is the portfolio mix, Are all the parcels 100% raw land or do some parcels already have Sewer, and Utilities already in place?

The 70% that they typically refer to is a very common LTV % of the ARV for Hard Money lenders.ARV x 70% = max loanmax loan - repairs - closing costs (hard money origination fees, title fees, state fees) = MAOHopefully that helps, but like I said the closings costs vary by lender.

I'm keen on utilizing social media, and I'm sure that it can be done without paid for promotions.