I just don't know if my family and I should continue to pick up these types of condos with either no return, break even, or low profits.

On Zillow, if you hover over the "More" heading, you will get a drop down. 

Question 2: In going through the eligibility test, the only part I think I don't meet is Step 3--Residence, which requires 24 months of residence over the past 5 years.

I am aware that if the property gets sold at higher amount than the upset price, the surplus amount is used to pay off any junior liens and the left over goes to the owner.Will the surplus amount be used to pay off property tax liens and HOA liens? 

My thought was to state something along the lines of "the lesser of 3% or the max allowable increase over the month 1 -12 rent amount."

He offered me a deal he had PRE NEGOTIATED, it was a SFR worth $50-55k (remember this is 1982-1983) for $55,000 with $5,000 down and owner financing of $50,000 over 20 years at the then unheard of interest rate of 7% ( new financing was available at 11% +).  

Obviously do your due diligence, but don't over analyze. 

As a paid lifetime member of WREIN If I had it to do over again- I would personally take another route.

Successfully transitioning to a new construction company that took over a project already underway was a challenge I managed to overcome.

Our vision would be to finance the first initial houses but hopefully receive funding afterward to scale and continue, so how can one figure that out from the government side?