You touched on this as well If any problems, mgmt will be flooded with calls regarding this non-essential amenity.  

Was the house paid off or did you take over payments? 

If you are converting a "non-restaurant" that can be $500k-$1mm build out. c) CAMs: since it is mixed use, who pays what for roof repairs, concrete work, etc.  

Borrowers have to pay their HOA I am not from Florida either but I believe most states allow the HOA to foreclose for non payment of dues most states give HOA's special foreclosure laws that are stronger than a simple lien in order to give the bank 1st priority otherwise an HOA is a document recorded prior to the first and would hold priority if they didn't sign it or legislate that position away.

Downpayment, closing costs, holding costs (loan payment, utilities, insurance), money to front the contractor to get started (you get back after the rehab is done). 

.- Current owner continues making monthly payments, we pay him after he shows he paid the mortgage on time.

google companies/ non-profits that help you fight cities on things like these. 

Private money lenders like RCN Capital, Conventus etc provides non-recourse bridges nationwide.

They handle payments, payoffs, and year-end tax information. 

I released the co-signer after first year of timely payments.