Purchasing Condominiums vs OYO (own your own) in Southern California

[Will F.]

I'm about to purchase an OYO in Long Beach, CA. This will be for me to live in as I want to be near the ocean.

Anyone know anything about OYO and the differences between Own Your Own and a Condominium?

I know the basics that OYOs existed prior to condominiums, that they tend to sell for less, that their HOAs are more lenient, and that they are much harder to finance.