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But, any increase in HOA fees or even a one-time special assessment can kill the profitability very quickly.Also, many complexes (at least around my area) have either litigation, delinquency, or a very large investor-to-owner-occupied ratio.

Property management is sue happy.E and O insurance carriers charge money with policies based on data they have learned over time just like car insurance.Usually when tenants and owners have an argument the attorneys say let's go after the property manager.Property management doesn't pay much,is a huge headache,and is sue happy.E and O knows PM is the highest form of litigation claims coupled with construction projects.When a broker sets up a PM company they are smart to keep a separate company so if sued they can shut it down without affecting the regular brokerage or their other assets.

I cant imagine this being legal, but even if it was, you would be opening your firm up to major potential litigation.

I majored in Civil Engineering.

How much do you think that cost in litigation?

I personally had a BS in Civil Engineering already, and the CE firm I work for does a lot of discretionary approvals for developer clients.

There are some legalities coming down the pipe with some of that litigation.  

I think condos and Th which are/were under litigation are/were a great buy although there is some amount of risk involved and its mostly a cash deal.

He's well versed in complex real estate issues such as title, probate, litigation, etc.His contact info below: Gary M.