I'm doing some initial analysis and have spoken to Engineers/Architects/System Suppliers, which has been useful in building a framework.I would really appreciate connecting/speaking to developers that have hands on experience with historic adaptive reuse conversions, to get advice on the good, the bad and the ugly, and find out what to focus on and what they wish they knew earlier.Thanks in advance.

Initially, we got a private money loan - had to close quickly.

So you may want to pull the trigger and get a rate lock before you miss these rates.When you own properties you can also take out a HELOC after you purchase the home if repairs are needed above your initial cost approach.

Sounds like the property is doing well after that initial sewer issue. 

(I know I didn't answer your question directly, but these are just my initial thoughts on it.)You can learn the laws--everything is online (it is complicated--but it is do able), and there are attorneys in here that can help you with the legalities of it once you are ready to go live with it (for a fee).Just my 2 cents 

A close to 40% CoC return, ~100% ROI if you consider loan paydown, rent savings, appreciation, and initial equity.

If this happened, then that would tell me that they didn't do a very good job with the initial budget and the HOA doesn't have a very healthy reserve fund

They initially said no, but after some negotiation (4 months) we settled on the sale price, and they agreed to hold the loan (seller financing) for a 30 year note at a fixed 5% rate.

They initially said no, but after some negotiation (4 months) we settled on the sale price, and they agreed to hold the loan (seller financing) for a 30 year note at a fixed 5% rate.

Initially if you self manage like I do make little upgrades to your properties after tenants leave .