It isn't about management style or culture, it's about which elements of the supply and production chain are under one roof.

Your due diligence must include the financial strength of the association and a good understanding of deferred maintenance (if any) of the common elements. 

Grounds for denial of issuance of license or for disciplinary action(A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who:(1) makes a substantial misrepresentation involving a real estate transaction;(2) makes false promises of a character likely to influence, persuade, or induce;(3) pursues a continued and flagrant course of misrepresentation or makes false and misleading promises through associated licensees or through any medium of advertising or otherwise;(4) in the practice of real estate demonstrates bad faith, dishonesty, untrustworthiness, or incompetency in a manner as to endanger the interest of the public;(5) represents or attempts to represent a real estate broker other than his broker-in-charge or property manager-in-charge without the express knowledge and written consent of the employing broker-in-charge or property manager-in-charge;(6) guarantees or authorizes and permits any associated licensee to guarantee future profits from the resale of real estate;(7) makes a dual set of contracts, written or otherwise, by stating a sales price higher than the actual sales price in an effort to obtain a larger loan from a lender or lending institution or for the purpose of misinforming a governmental agency or any other reason;(8) is convicted of violating the federal and state fair housing laws, forgery, embezzlement, breach of trust, larceny, obtaining money or property under false pretense, extortion, fraud, conspiracy to defraud, or has been convicted of a violent crime as defined in Section 16-1-60, has been convicted during the previous five years of a felony directly related to the practice of the profession, or has been convicted during the previous seven years of a felony, an essential element of which is dishonesty, reasonably related to the practice of the profession, or pleading guilty or nolo contendere to any such offense in a court of competent jurisdiction of this State, any other state, or any federal court;(9) fails to report to the department in writing by certified mail, within ten days, notice of conviction of a crime provided for in item (8);(10) fails, within a reasonable time, to account for or to remit any monies coming into his possession which belong to others;(11) pays a commission or compensation to an unlicensed individual for activities requiring a license under this chapter.

However I do know that industry uses dangerous and environmentally problematic chemicals.I would be VERY concerned with inheriting an expensive environmental liability problem created by  the previous ownership.If I were buying this kind of business its something I would investigate carefully and probably have an outside expert involved.

A Trustee holds title.2) Interests are apportioned amongst the various parties you mention.3) Due on Sale negotiations with lender take place.4) Ownership interests are shifted according to who's paying whom and in what amount and when.Be careful of gifting and lease option elements.

The elements which have caused the increment in residential investment are: 1.

That scroll work over the kitchen sink is probably on a single board that can easily be removed and totally take that 70s-80s element out of the kitchen cabinets. 

Single family homes may provide better rent per unit, but add an element of risk when that sole unit becomes vacant and in need of repairs.

One who jumped into investing very easily, feel very comfortable and in your element in all things Real Estate?

You should plan to review all the owner's financial statements, review the rent rolls, walk every unit, audit every lease, have contractors inspect the mechanical systems, roofs, create a business plan, review title, review environmental reports, shop all the comps, etcDo you have financing already lined up?