Last year I made the leap and bought my first property that I am house hacking, doing value add projects and even found a way to add another unit on the existing property.

I got a FISBO under contract and tried to wholesale it to my existing buyer's list - which wasn't really robust but it was the best I could do at the time.

Most are in bad areas, and are in desolate condition - new ones haven`t been built in 30yrs, the existing ones are therefore a minimum of 30 years old, 30yrs of low income tenants, go figure.I would personally not get a condo to rent out for many reasons, however there are a few exceptions too, i know @terry lao is pretty happy with his, despite paying 500-600 in HOA fees - he didtn buy at the current market prices though, so keep that in mind.

Do I scrap the existing lease and make a new one?

@Peter Walther If the “seller” fails to disclose the existence of an HOA, any CCRs of record (included as special exceptions in the policy) don’t reference mandatory periodic assessments, there is no recorded HOA lien, and the auction terms state that the buyer takes title subject to any existing dues or assessments, how does the title claim shake out? 

A landlord instead of rent forgiveness could offer rent amortized 2 years added onto existing rent going forward as a repayment plan.

@Ellie NarieAny modification to an existing lease has to be in writing

Wells Fargo, UWM, and the nation's other largest providers have all suspended jumbo loans so there is no existing option for this $1.2MM loan scenario in the rate range you're describing.  

Hello BP,We found a deal that could be a fantastic buy.  The house is rather large, comes fully furnished, sits on about 3 acres and has been a successful STR and events venue.  In addition to this property, there is ...

Unless you have a strong track record and existing relationship, I'd look to other options.