Doesn't seem like a business venture I should undertake without forming an entity for the legality of it all.    

First always seek legal counsel with an attorney:ask them the pros & cons of some of the following:1) Debt: secure a loan against the property you receive interest payments.2) Equity: record an option to buy the property (ex. you have the option to buy the property for $115k for a specified time period.3) Purchase a partial ownership interest, ex. tenant in common ownership of 50% of equity4) combo equity participation loan , you share in the upside equity.

If the new buyer & landlord are hoping you move out early you don't have to accommodate as legally the lease must be assumed by the new buyer.

Legally many jurisdictions cannot even discuss settling.

But I want to know that the Condo board president has paid.Do I have a legal right to see these records?

I was really just hoping for some solid eye opening agreements to why he wants it all legal and written down.

Totally legal to rebate to a principal to the transaction. 

Keep in mind there is still a max loan amount tied to the number of legal unitsA legal 2 flat in those areas can easily be above $1 million, but with a loan limit of $700k you need to make up the difference.  

And in some cases the expenses for legal fees can be double or treble the original judgement amount by the time the debt is recovered."

45.Will the lender need any documents on any of the investment properties during the duration of the loan?