Property with HOA financial problem

[K T]

San Diego
Sale price: $60,000
1br/1bath
70 units in complex
HOA: $200
Rent in area: $900
Build in 1970

We are thinking to make an offer, but we found out that this complex has HOA financial problem. Many of owners did not pay HOA due in the past, so association had $40K debt as of last Dec 2008. 45 units sold to new owner last year, and 7 in escrow. So, I am hoping new owner started paying HOA and problem will be solved in a couple of years.

Is there not much things can do by HOA management company if some of owner does not pay HOA? What will happen if HOA would be broke? We can not make up our mind because of this issue. Any suggestion?