rental condo HOA might become insolvent

[Carol T.]

Has anyone had an experience with a rental with an HOA in financial trouble? We bought our first condo rental, in a 40 year old complex near a major university. The property is mostly investor owned as rentals are now 78% of property, so potential owner occupants cannot get loans due to the high rental status which has caused investor numbers to go up further.
HOA has had difficulties especially because the old 40 year old condo law it falls under limits increase in dues, with an older property like this plumbing issues started happening and they cannot get everyone to agree to sub metering the water which would cost the renters, not the owners,and reduce cost to HOA. but mainly sub-metering would allow for spotting water leaks quickly, avoiding the large problems that have driven insurance sky high for HOA, etc..
The feeling is that if we cannot get water sub-metering, eventually the HOA will become insolvent.There is certainly no money for decent upkeep on the property till that happens. I was told that HOA cannot go officially bankrupt that a judge would be assigned and that it would probably open us up to more current NC, condo laws.
Has anyone had such an experience and know just what the legalities are in such situations? I am aware of our current issues and rules but know nothing about what more current NC HOA Laws and if we later become subject to more recent HOA laws what that could do to us. I had seen newer condo developments where HOA dues were triple ours although they had no pool, park, water or amenities. I do not know if this was caused just by the complex going bankrupt etc...and of course in these there are plenty for sale for cheap and we avoided with such high HOA dues.