Also, most mortgages nowadays don't allow for assumption by a third party.

Find out if there are any special assessments currently levied, or if they anticipate any soon, whether or not there are any lawsuits within the association and of course whether or not they even allow short term rentals because some don't.

Making 63k and paying 6k in rent allowed me to save and travel extensively (Went to to Egypt, Australia, etc.). 18 months after graduating from Berkeley, I bought my 5/3 house in DC suburbs - Virginia and I was making $70k+ and collecting $2600 rent to pay 2000 rent (1500 piti on 255k house) and utilities.

And for obvious reasons most lender's don't allow you to select your own appraiser... 

Your first two questions require your own research on the zoning for your lots and what FAR you are allowed to work with 'by right'.

So if you borrow 20% for the down payment the bank may not allow that. 

The owner probably wants the earnest money as a show of good faith that you are not going to back out of the deal except by any means allowed in the contract. 

I tried looking on "The City of  West Fargo" website for info and didn't find anything, however, on "The City of Fargo" website I believe it did say signs are not allowed.

In my condo I'm going to join the board and every years I'm going to make a motion to decrease the number of rentals allowed in the building until it hits 0.

I want the business to have it's own identity, and allow people to go to my team members in their specialist fields for their needs.