@Travis Hewlett thanks for the advice, this property evaluation is more for practice so I don't want to spend any money on it. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

My current understanding is the best practice is to keep business/personal finances separate.Does anyone have any advice?

Simultaneously, the city has raised property taxes on average of 4% each year for 5 or so years (probably longer just an off the top of head recall).

The only efforts taken to sell this property so far have been listing with multiple local realtors and telling friends and family in the area about the condo for sale, offering a finders fee for whoever is able to find a buyer.I am using this opportunity as a chance to practice my ability to market & sell real estate, and perhaps win myself the commission.I am not aware of any central marketing systems in Colombia similar to the Multiple Listing Service, and craigslist doesn’t exist in Colombia either.

My business law prof (a practicing tort attorney) told our class over 95% of law suits are settled outside of court for less than $50,000. 

Be a good neighbor - but make practical financial decisions for your investment. 

I'm saving money (and doing extremely well) and plan on practicing analyzing houses.

Because we have established good business practice with our bank, the financing is not an issue but he stated this would be an ARM to keep the rates low for a longer term of 20 years.

If you ask, he may agree to cover or help cover the cost of the coverage (uncommon, but possible) if it’s too expensive to be practical).