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 .

in a 1031 exchange, the seller(in the initial transaction) has to be the same as the purchaser(in the later transactions).