One word of caution, get a quit claim deed signed incase they go that route and default.

One of the specific items that was suggested to be included in the assignment was a clause indemnifying me from any claims/damages/expenses/liabilities that occurred prior to me purchasing the property and the leases being assigned to me.

They actually have stuff in there to move out and now will have to hustle to get it all moved into a POD temp storage container.He claims it's his wife that is pushing...

You can usually find that info at your small claims court. 

I could go the small claims court route, but I don't know if it will be a problem that I cannot find a signed lease agreement.

I would offer to take over the debt subject too, and get a quit claim from the father in law. 

I'm not claiming that every decision made by an HOA will be a bad one, I'm sure there are some intelligent people out there.  

As for the down payment, I was considering having my business partner deposit the a small portion of monies into escrow, but you are claiming it needs to be seasoned; possibly 2 months, like residential loans.Also, I was unaware that on commercial loans a reserve would be necessary.I'm aware, on residential investment properties, a 3 month reserve on existing loans is required, and a few months on the subject property.

Points are pre-paid interest and amortized over the life of the loan.You cost basis for depreciation is from your costs of acquisition as may be allocated, less the fair market value of the land if that value is not stated in the purchase contract, which you should do, state the value as opposed to claiming a valuation or using an assessed value that would usually be lower. :)

However, how could we claim tax deductions such as depreciation when properties are owned by multiple parties?