I'm appraising a medical office condominium, and the owner's association appears to be undercapitalized... 0.3% of market value.What is the general rule of thumb when analyzing commercial condominiums and the amount of reserves that they should have on hand?

Also, even if you take an older property and do a full renovation (new plumbing, electrical, roof, etc, etc.) it is unlikely that you will be able to provide all the amenities that new(er) construction probably do (e.g. exercise room, higher ceilings)The counter example is a old building that was build with large units and lots of architectural detail in a 'trending' part of the city.

Plus, if you think you'll ever dip into the equity on this property to buy another, then this whole thing is an exercise.

A few years later, she ran into some medical issues and needed some money. 

People are lazy, granted you are in Florida, so the weather is nicer, but in general, people don't often take dogs for walks, or exercise them, so the dogs don't have an energy outlet, which IMO translates to chewing and destroying your house.   

However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law.If Lender exercises this option, Lender shall give Borrower notice of acceleration.

For example "I want to buy a 100 unit apartment complex" couldn't be more different than "I want to buy a medical office building".

All tenants are medical offices. 

So I find a cute town home that around my house in Lehi would sell for around $230,000 right now and it listed for only $79,000. its newer built in 2007 and looks great so I drive by it one day when I am working in vernal with a medical sales rep.

Its newer built in 2007 and looks great so I drive by it one day when I am working in vernal with a medical sales rep.