Here is another reason why not to buy into a small condo complex – especially without a competent property manager:

From Carol –

There is currently no managemet company in the complex I live in. The board has been running the show for a couple of years now. The president of the board owns 22 or 23 units through an LLC which makes it easy for this person to pass any kind of budget because the amount of votes through the units owned make it easy for this person to pass the budget. A few other people that are persuaded and you have a majority. I’m looking to get out of this place fast quick and in a hurry. It’s only a matter of time before the president buys a few more units and then complete control. Also, finance records being withheld from the time the new board was elected.