If so, you could purchase the property inside that account and possibly leverage it too with a non-recourse loan if you needed. 

meaning tear down the existing house ?

If existing tenants were acquired through the purchase of a property could additional fees be tacked on for the use of a parking spot / storage?

If they don't know and you haven't been paying the additional premiums for such coverage and something happens, they are totally in their right to not only not pay out the claim, but to non-renew you as well.

@Michael TootelianThrowing in my 2 Cents - From a lending perspective, it's important to understand if the condos are warrantable or non-warrantable.

I have no idea if such a law exists in Illinois and whether it applies to a 7 unit.The fact that you didn't deliver the $5,000 to him suggests that --- even if you had an oral contract --- it's too late to enforce it.

I’d like to push all tax write offs to the non-Trump tax cut era. 

We were going to do traditional financing, but the HOA reported that 92% of units are rentals, thus making it a non-warrantable condo, hence our predicament.We have a couple financing options lined up. 

You have to be the type of person that will collect/evict as needed, you need to be the type that is either able to do work yourself for turnover or have a existing relationship with a crew, and you need to understand the culture of the neighborhood.I don't have any of that, so I don't buy that type of assets... and from the sounds of it like you I rather a higher class asset with different tenants.

Google it in your area.They also have a monthly Deal Maker Session meeting where about 75 investors get together to buy and sell exclusive (non-MLS) properties every month.