Buying a Property with an HOA and taking control of an HOA

[Mike Lawt]

Hello,

I am working on a deal to purchase a majority of condo units (54%) which are part of an HOA. I have never owned property in an HOA let alone had the ability to control the association. I'm trying to understand what due dilligence I need to perform and educate myself on how to gain control of the HOA after I purchase the majority of the units. Since the HOA is a seperate entity from the property, I'm not sure what language to put in the P&S. I will add a subject to provision to review the HOA financials, board minutes, and disclosure of any legal documents pertaining to the HOA. Are there any words of wisdom from someone who has expeirence controling an HOA that you would give to someone who plans to gain control of an HOA?

I appreciate it.