you may want to check on the validity of your note.. if its owner occ.. maybe it was a seller carry back that was exempt.. but somewhere in the back of my head I am thinking balloon payments for owner occ became illegal. 

@Seth Lipper I can't make heads or tails out of your numbers.

If the $ is big enough it might make sense to consult with an attorney to determine if this was handled properly by the seller/condo association as concerns prospective purchasers.

Good to know that we are likely only headed down on that offer after the inspection.

So, just called our local commercial real estate broker association asking them if they have any data supporting who sold the most multifamily property in 2017-2018. 

Rate is at 5.62% 30 year, but with all the traditional appraisal and associated fees. 

I know its hard to work for free but getting that experience before getting in over your head on a transaction that you are unsure of will pay dividends, I promise. 

And then to prove their power they threaten you with penalties because now your old paint has faded and is not in compliance with the approved colors, or it is peeling or whatever.The POA is controlled by folks that moved here from NY, east coast, etc, not locals and they have let their position go to their heads, plus they really like rules to control others.

If there was a new tenant every year and the associated turn cost, then $4000 would eat up about 6 months of rent every year. 

And, yes, I agree that in the end, it's the sellers who will decide, but I joined this site to see how the world of real estate finance works, and so I do want feedback from people who turn numbers all day long.I sometimes think I have really workable ideas and I need a head check against my gut check to see if I am tracking or tracking like a fox catcher (to paraphrase a popular phrase without reusing the word "crazy.").