One additional note is that this cannot be financed through a conventional loan nor can it be used as a short term rental because I would be purchasing the building on the land owned by the association, which I'd have partial ownership of.I am considering offering $240K cash, or a lease option, with the following terms.7 year lease @ $1K/month with the option to purchase at $225K at the end of the lease. 

In my view, the focus should be on the overall risk-adjusted return and not get stuck on the fact that you have a low-interest loan.

The problem is that I am using a HELOC to assist with the downpayment for the loan.

I can't take a loan or hardship because this is from a previous employer.

Traditional, conventional, 30 year fixed rate loan.

The owner has a 3% apr loan with 23 years left and a balance of $33k on the solar panels.

Secured a private loan interest only payments until final sale of property.

New Appraisal should be in $70-75k range2 Things I have questions about:1. are there DSCR Loans for a small loan amount such as this?

Easiest and quickest loans I’ve ever done!

Have you seen 20% loans for this many units?