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?

Kids would likely come after the property after his death, claiming all kinds of things, it could get really ugly.

However, for more specialty risks (older buildings, recent claims, vacant coverage, builders risk, etc.) independent brokers generally can provide more tailored, better priced coverage. 

Insurance companies are in the business to collect premiums and pay the least amount (or zero) dollars on a claim.

She then took over the basement, locked us out of it,  and tried to claim it was hers, since she had a door from her unit that went into it!  

I've had people get mad at me claiming I am lowballing them or being greedy when the reality is we wouldn't stand to make much on that given deal.

They will just not pay for any claims you make, and if you already have insurance, that doesn't matter.If they did charge your card, call them up to cancel, or dispute the charge with the issuing bank.