Townhomes and defunct HOA

[Dustin Beam]

Hello beautiful people of BP,

What are your thoughts on townhomes that now has a defunct HOA?

The properties are essentially now single family homes as far as owner responsibilities (lawn care, individual meters, etc). Many roof lines are actually separated, but some aren't, so obviously some complication there if the neighbor doesn't want to replace the roof and you do (or vice versa). I would say they are B class, not in a densely populated area, but close to lots of developed area (has to be billions of dollars) over the last 10 years.

The building(s) I would be looking at would put me as the primary owner. So owning 3 out of 4 as an example. 

At this point, I probably view the lack of HOA as a good thing, but is there anything I'm glossing over? I don't know what I don't know and would appreciate any thoughts you have.