@Evan Robins it all depends on the zoning and/or how hard it would be to get a variance to do what you want to do.

City road ends at park entrance.Considering the land price, infrastructure setup cost each lot cost was coming around $7300 which was very attractive even though most of the houses on them were old and needed good repairs.All other lots except the 59 were in considerable good condition and our due diligence showed that whole park value is going down due to these 59 lots mismanagement for 40 years.As per owner rent collections were around $7200 per month and most of the tenants were very long term (average rent $400 per home) which he receives in cash so bank rolls available to validate.As per our estimate, each house needed 7k to 8k repair to make it livable.Negatives:These homes/lots were owned by same owner for 40 years and he neglected everything which includes tenant quality, infrastructure (such as overgrown trees, bad homes still in the park which should have been removed years back, 3ft- 4ft potholes on the road since its privately owned).Most of the tenants were convicted or had some big felony, these houses were famous for drugs cartels in whole city.After buying we realized things were way worse than what we assumed in due diligence:People staying there actually were involved in gang wars, prostitution, drugs etc.

@Zain Malik I would encourage you to get your HOA's attorney involved.

First off, you will need to decide on your ultimate goal for investing in real estate (house hacking VS out of state investing) and then determine how you want to get involved/start.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Adam David GraningThere are a lot of different guideline variances on these depending on the lender they go to and they've gotten much better than they were just a few years ago, but for the most part, you can get 75% cash out with rates in the 4's and low 5's on a 30 year fixed with no income verification.These loans carry a prepayment penalty, require all properties be appraised, require each property in the proposed portfolio to have a value of at least 75K and require the property to be stabilized (no renovation and leased). 

There are many podcasts and posts on this situation.If he wants to be a true partner and be involved in the deal with responsibility and some key decision-making involvement, you can set up a partnership.

Paragraph 1 defines a "non-occupying borrower": A Non-Occupying Borrower Transaction refers to a transaction involving two ormore Borrowers in which one or more of the Borrower(s) will not occupy theProperty as their Principal Residence.Paragraph 2 states that all transactions with a non-occupying borrower are subject to a maximum of a 75% LTV (25% down).

But back to original comment, if things are moving forward, I would lay out that you would love to stay involved in the deal with an ownership stake for uncovering the deal, and then let the conversation take it from there.

I know it's not entirely necessary to involve them in wholesale deals but I've been told that they handle all the different legal actions and aspects of the transactions for me.Anyways, my question is what exactly should I do and say when presenting my purchase agreement and contract assignment to a Title Company or Closing Lawyer?