Self managed HOAs are usually undercapitalized so you want to take a thorough review of the condition of the community to make sure there isn’t deferred maintenance because you might get hit with a special assessment if the board isn’t setting aside cash for those capital improvements.At face value, taking into consideration my typical financial objectives, I wouldn’t do this deal unless it was a much lower price.

It's a very big issue in my market, the #1 I hear from take-overs, how there place was decent, all was good at start but once tenant was in, they were getting a constant stream of maintenance notices. 

Property needed some TLC as it had some termite damage and active infestation at time of move in, got quotes from contractors to replace some studs but all quotes came in too high so ended up doing most of the work on the home myself which meant the home sat vacant until January 2025 at which point i placed on rental sites but still waiting for vacancy to be filled.

The contributions are lower so it takes a while to build, but once you do, it's tax-free investing. 

Any and all advice is welcome.

Then I find out a week ago they sold the property at a loss, ALL my capital is gone, and Ken McElroy goes on his merry way making youtube videos about how much money he is making. 

The reason why I don't want to buy a duplex or triplex in my area (Ann Arbor MI) is because all multi-family homes are very expensiveThank You!

I have been investing for years; stocks, options, bitcoin, real estate, and private lending and now I am getting out of all of it because my job is proving to have an infinitely higher return on time and it no longer makes financial sense to dump money into rentals. 

Along the way, we see so many folks make mistakes that they need to get amended and that can take years to finally recoup all of the money lost from paying to much. 

Looking forward to connecting, sharing insights, and learning from all the experienced folks here.