Did they supply you with comps and a rehab budget?

.$700K is rare, but probably not as rare as you would think...On the flip side, I am in corporate finance so I see every one's salary for budget purposes....In a typical company these day, if you are making $150K in base salary, you are usually at about 55% percent, meaning 55% people in the company make more than you do, 45% people making less than you do.....Say you are making $150K in base, your total compensation is likely around $180K (assuming your company stock is worth nothing)...Then it is NOT that difficult for you to buy something for $1M....Period.....

Budget 6% for selling commissions.

The most successful real estate investors are GREAT at budgeting and saving.

The water is likely going to be the most variable too, so more difficult to budget in.  

I don't know the budget details.I don't know if any of these will work but I hope your deal goes well.

Budget out non-essential expenses to get started if needed.Then I would help pay my child's reasonable in-state tuition with property cash-flow.  

That is IN ADDITION to what I budget for actual repairs, which is typically 5-7%. 

Account Closed sounds like mostly cosmetic, should be doable for your budget, assuming mechanicals/roof are good to go!

You can usually find the problem areas by walking the community and looking at the common area roads, fixtures, roofing, etc.Also, some HOA's raid their reserves because their operating budget runs high (e.g., high water and gardening expense due to too much landscaping).