Seems I’ll be taking on 6-700k in debt for not that much cash flow.

@Tyler AubeI can't say much about the process because I was working for a public housing authority at the time and I was mainly evaluating the software aspect.

But I also see 1% of the capital raised, 1% of the total of debt plus equity, and 1% of the property value (typically determined by a cap rate specified in the calculation in the operating agreement).  

Yes i wouldn't be opposed to living in a unit, and no i'm not claiming that income on tax returns it's mainly for fun and AFAIK i don't want to and don't need to pay taxes i think

They typically involve a requirement of a specific minimum credit score, maximum income, maximum purchase price, maximum debt to income ratio, and a requirement to take homebuyer class. 

Find your clean-out plugs for main drain ahead of time to possibly save headaches.6.

I am mainly looking for the cash flow game in long-term rentals but also have been looking and BRRR strategy recently as it seems to be the best way to get the best cash flow or possible just flip it to capture the gains more quickly.  

I do however have the experience (25+ years) in design, architecture and construction AND i have over 500K in equity in my home (which is a 2 family)I would like to pull some money out of the home / borrow against the equity but again the banks will be concerned with the debt ratio’s. 

@Chad Urbshott As I assume you know, any outstanding HOA debt, whether a lien has been filed or not, becomes the responsibility of a third party buyer at a mtg foreclosure auction. 

This type of loan is very popular with the private equity debt funds.