If there is a rehab budget in the loan most HMLS hold back most or all of that rehab budget.  

Of course, there are several ways to go about this, depending on your state laws and renovation budget, that was just one of them.Many blessings

And it's quite scary the power a couple grumpy board members have ... with zero skills to qualify, some of these folks manage (mismanage) massive budgets and pass rules that only favor a select few.

I am budgeting $2,000 a month and looking into PPC or postcards. 

I'd suggest the need to budget for reserves.

The main lesson on this project would be to make sure your construction budgets are extremely conservative.

@Mason Wyatt Hughes Do you have another spreadsheet to link to this one showing how you arrived at 5% repair budget.

@Chad Robertson Have you run capex and repair budgets?

I'm seeing some cheaper condo conversions here in Austin and seems like they are praying on first-time home buyers with low budgets.

Depending on when that building was originally created, you may be forced to bring other aspects of the building up to code which can drastically change your budget.