Failure to properly plan for known future repairs/replacements is all too common, with the result being "unexpected" increases and assessments.And, yes, closely review your condo docs as well, including the Declaration, By-Laws, and any House Rules, as they will define what elements the association is responsible for and what you are responsible for; how meetings, voting, and changes in your governing documents are done; and how you, our tenants, and guests are expected to act in the common areas.

The area was declared an opportunity zone in 2017.

By the time the moratorium expires taxes may well have gone up again.I think (but you need to confirm it) that you can give NOTICE of rent increase right now,  but you must clearly state that it will not go into effect until the governor's emergency declaration and moratorium ends;   and of course by then we are probably going to have some form of rent control thanks to Sen. 

The Declaration, By-Laws, and House Rules or similar Governing Documents establish most of the requirements the Board must fullfill, which include their oversight of the management company.

(g) Any purported assignmentof an Interest that is not made in accordance with this Agreement ishereby declared to be null and void and of no force or effectwhatsoever.7.02- Assignee'sRights.The effective date of admission to the Limited Liability Company of aSubstituted Member shall be the first day of the month following themonth in which all of the Members shall have given their writtenconsent to such admission.7.03- Indemnificationand Terms of Admission.Each Member ("Transferor") shall indemnify and holdharmless the Limited Liability Company, each other Member and anyIndemnitee who was or is a party or is threatened to be made a partyto any threatened, pending or completed action, suit or proceeding,whether civil, criminal, administrative or investigative, by reasonof or arising from any actual or alleged misrepresentation ormisstatement of fact or omission to represent or state any fact madeby such Transferor in connection with any assignment, transfer,encumbrance or other disposition of all or any part of suchTransferor's Interest, or with the admission to the Limited LiabilityCompany of a Substituted Member, against losses, liabilities andexpenses for which the Limited Liability Company, any other Member orany Indemnitee has not otherwise been reimbursed (including, withoutlimitation, attorneys' fees, judgments, fines and amounts paid insettlement) actually and reasonably incurred by the Limited LiabilityCompany, any other Member or any Indemnitee, as the case may be, inconnection with such action, suit or proceeding.7.04- Withdrawal.No Member may withdraw from the Limited Liability Company.ARTICLE VIIIAMENDMENTS, VOTING ANDMEETINGS8.01- Amendmentby Members.A unanimous vote is required to amend this Agreement.8.02- VotingPower.Each Member shall have one vote for each Unit held by such Member.Unless otherwise expressly provided in this Agreement, theaffirmative vote of a majority of the Members shall be required forapproval of any action of the Limited Liability Company by theMembers; including, without limitation, (i) dissolution and windingup of the Limited Liability Company; (ii) the sale, exchange, lease,mortgage, pledge or other transfer of all or substantially all of theassets of the Limited Liability Company other than in the ordinarycourse of business; and (iii) the merger of the Limited LiabilityCompany with another entity.8.03- Meetingsof Members.Upon the written request of any Member or Members owning at least tenpercent of all Units, the Manager shall call a meeting of theMembers.

What will happen to LLC if any of the members declare bankruptcy?

I have a finished basement that i can add a closet to and possibly declare as a 3rd bedroom.

A down payment is taken and the agreement runs for some time until the seller declares default, takes the property and repeats the process.

I spoke with the owner yesterday she also told me she declared bankruptcy a few years ago and the house was a part of that.

You should find copies of the condo bylaws and declarations.