Inheriting HOA with development land purchase

[Ryan Oelmann]

Good afternoon everyone. My business partner and I put an offer in on some vacant lots to build townhouses on. The sellers excepted the dollar per lot offer but said they could not remove the lots from the current HOA in the development. They instead have offered to sign over the current HOA to us as we will own the majority of the properties in the development with the land purchase. My question is how much time is involved with running a HOA? The total units when ours are built will be 32 so it's not large. The units are all built within the last 10 years so I'm not expecting a large deferred maintenance issue within the first few years but I will be going through the Financials and bylaws of the HOA with my attorney if we decide to pursue further. I'm not a full time investor and just not sure I'm going to have time to handle the HOA but I was hoping someone here had some experience running one and could put my mind at ease a little. Thanks greatly for any advice and insight available.