I would contact an Atty in your area The laws for this sort of thing is not cut and dry Your condo association may actually be liable to repair the drywall part https://www.google.com/amp/s/amp.news-press.com/amp/87653272

I would recommend you become a member of the National Association of Residential Property Managers (NARPM) and start taking classes to get an education.

Yes that is very normal, every Real Estate Association PMA I've seen has that same clause to protect the Broker.

You need to pay insurance, technology(key) , association, state and national association on top.

They are associated with Redstone Federal Credit Union, the biggest bank/credit union in the area.

You'll also want to get a full understanding of the tax implications associated with renting out a secondary home.

Very glad this one worked out for you.You numbers also help me verify something I have been tossing around in my head, you being a broker/agent certainly sweetened this deal up for you - if you would have had to give up 3% on the acquisition and sale side, the margins would have been much tighter, and perhaps you may not have even pursued?  

I type in the association name and 113 properties pop up, but it actually only states the street name, and not house number.

At this point I am just trying to get my head around the complicated concepts and like math, I learn the process by looking at real life examples.

With four members it dramatically decreases the costs associated filing with your state and paying a lawyer to set up an operating agreement.