The owner would like $1,200,000 and will carry a note for $1,000,000 - $1,100,000. he ideally wants $200,000 down.As with most new investors I do not have capital for that type of down payment.A liitle about myself:I work a regular 9-5 job and also have a realtors license I have done two wholesale deals in the last couple months since starting to devote a couple hours a night to investing.

Certainly, there is some basis for doing so because many states have not even addressed the issue at all, thus allowing many to go unchallenged in their operations - so far.I simply wanted to present information to people because I believe - which I was clear about - that RTO and LTO are a very shaky business model that could have long-term consequences for those so engaged, as a counterpoint to all of those gurus who post here espousing those methods to help promote their get rich quick schemes. 

Also dig into the condo docs as sometimes there are special assessments that can come up from time to time beyond the regular condo dues.  

Is a  home inspector a must or a regular contractor who can tell me how much the repair will cost?

This is mostly due the size, as a lender we are qualifying the building's ability to repay not your personal ability to repay.However, if you have good income getting a regular commercial loan secured by the lot shouldn't be too big of a deal for a community bank or portfolio lender.  

Im possibly looking to refinance it into a regular loan.

This information changes regularly. 

Find a real estate investment group that meets up on a regular basis.  

If that is the case you will need to do regular inspections to insure they are adhering to their lease.

Your attorney should threatening lawsuits and contacting them on a regular basis.