How much will you equity increase compared to your rehab and holding expenses. 

With the number of available properties being that low you could honestly analyze every one of them so the specific zip codes and areas aren't as important as if you were looking with criteria that offered hundreds of results.I'd recommend getting on the list for some local wholesalers to help and increase the number of potential properties that you are exposed to. 

Not everyone optimizes their life for financial efficiency and long term wealth, especially once people reach a certain age in life and values change. 

I haven't shopped around yet, but I imagine an umbrella policy for the pool would increase costs.I do have a smallish home maintenance fund saved of about $20,000 so could sustain any unforseen expenses for a tiny bit. 

Offer to pay him an increase in the interest rate for 14 months.

Which considering the location can only increase in value due to a limited number of locations like theirs. 

I am now looking into getting into the MTR space as I feel that it is more secure financially & less of a headache as I scale.

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

All of these things would require you to see all of his financials on the property and then be able to calculate it all out.  

If I proceed with a townhome/condo, how likely and how often in the past have HOA costs increased?