great topic and this is a hill I almost climbed earlier this yr but chose not to. 1st. Hoa's are true nightmares. The condo I was buying was very inexpensiveas well so I thought it would be a no brainer deal as well. In speaking to the hoa, they informed me that a "special assessment" was coming up for some major repairs that needed to be done to the building. She continued to tell me the work was costing $135k and the hoa could either raise our monthly fees from $200 to $315 or just make all residents pay their portion of the $135K at once. She said they were leaning towards the monthly increase. This would cut more into my cashflow and I wasn't sure about other repairs that could come up.
This building just like ur only allowed certain financing so the pool of already small buyers is even smaller. And the biggest issue I had was the hoa recently voted not to allow renters. Just becasue u can rent today doesnt mean u'll always be able. Good luck and let us know how it goes. I just took my ira funds and found a great 3bd 2bth 1car garage a month later. Was a shortsale and bought it $110k less than the previous sold....
