This ratio: (Net Operating Income / Price) is the often misunderstood and misused CAPitalization Rate (CAP rate) you see bandied about BP.  

I would be concerned about water and mold issues due to misuse.

The problem with CAP rate is its misuse - Vendors will advertise rose-coloured cap rates to promote the sale of their buildings {no two of them calculated the same}; folks try to use it as a universal ratio to compare assets in different markets {i.e. a CAP rate of 5% on a multi-unit in Manhattan may be good, but a similar building a the same CAP in Milwaukee would be overpriced}.  

A board that is self managed frequently displays errors in judgement that a management company will catch.One other thing, know what you are buying, the term condo is misused. 

@Andy Mirza It may be normal and the easiest thing to do, but I never recommend to my clients that they use quitclaims for non-arms length transactions such as you describe.I have an ongoing situation in Texas right now where there are 3 lawyers (I'm one of them) trying to work out a mess caused by a quitclaim deed that would not even be an issue had the parties used a Special Warranty Deed 10 years back when one of the parties was trying to save a few bucks and used a quitclaim deed form they had in their files.In my opinion, quitclaim deeds are often misused.

The term has been popularized and misused by "gurus" to convince potential "mentorees" that they can lay back on the beach in Antigua and have it all financed by their non participatory ownership of rental property in Indianapolis.

Kerry M. you're mis using the quote feature and making your posts look funny.

I can see how my misuse of the terminology confused everyone.

It has been my experience that most agents and brokers want happy clients and will not hold you to a BBA, but in some cases the public will misuse an agent and usurp much of his or her time and want to terminate for little or no reason and may have complete disregard for the agent's efforts. 

If they complain about it you have the proof that the disposal was being misused.