we build ground up and don't collateralize anything. we build at a discount in Columbus Ohio and we build cheaper than every builder I've seen in our market and because of that we make each person self fund a retainer account. we don't extend any credit to anyone. opposite of what you are saying. builders that bring value call the shots. 

It's possible that the company that owns a bunch of the units retained the right to control the the HOA until they are done selling.Simplest answer is to ask the seller who controls the HOA and if not the individual owners, when will it be turned over to them? 

For instance, I was once thinking about buying a property that had a minor issue with a relatively easy solution, but then we learned from the City that implementing that solution would create a new problem that would have cost us $50k+ to address in order to retain a certificate of occupancy (I didn't know what I didn't know, but I'm glad I found out before I bought the property!). 

A few important things I would be looking for:1) the experience and credentials of the broker who supervises the company as well as the lead property manager2) the services they offer and how they line up with your needs and expectations3) the use of technology to make their job and yours easier 4) if they have a landlord-tenant attorney on retainer to help guide them on legal issues (not to mention the creation of lease agreement, landlord forms and notices, etc.)5) their process and policy for a) listing, b) application, c) tenant selection, d) routine inspections, e) maintenance services, f) property and tenancy update reports to you, g) lease enforcement policy, and f) move-out process.6) property owner reviews (you can't always rely on Google reviews, because they may not reflect actual quality of the company, but still) 7) beneficial programs for both owner and tenant 8) a property management agreement that would indicate they know what they're doing and have the experience to know what matters in a PMA.

@Chris Seveney  I saw your answer to this question and was wondering how you manage the LLC, do your retain your LLC mortgage, and have the tenants pay as they always did to the LLC or did you have all payments to the trust and new accounts with the trust on them.

@Jason Coleman  You can retain consultants who specialize and advocate on your behalf to insure you get the correct amount covered. 

Regular maintenance, upgrades, and amenities improvements can help retain tenants and attract new ones.

Put 3.5-5% down, retain most of your capital, and get started that way. 

Hobby landlords will generally be reluctant (embarrassed) to raise rent and will normally keep rent below market with the false belief that it retains tenants saving turn over costs.

I still own 1/2 of the remaindership portion.Here are the questions….For my portion, do I retain the carryover basis from value of property gifted to me from my dad?