Opinions on condo purchase with 24% HOA delinquency?

[Eve Mahoney]

I'm in escrow to buy a condo to be used as a rental. There is a 24% HOA delinquency. This is making financing challenging but not impossible. The unit is nice. The area is good and values are predicted to rise. There is some deferred maintenance at the complex but mostly okay. I met some tenants and they like the place. I met them as they stopped by, wondering if "my" unit was available for rent. There is a new management company. Condos are still selling at the complex.

In the opinion of experienced people: is the 24% delinquency a deal breaker?  Would you advise going forward or canceling?  What other info should I seek out to help me decide?  Thanks in advance.