For sure Mr Burke nailed it; people are going to lose bets.

If a recent Reserve Study is available, that can provided great info as well.The By-Laws, Declaration, and House Rules (or similar) will tell you in general terms how the HOA is to be operated, including when Board meetings are held, what notice must be given, and details about the powers and responsibilities of the Board; what elements are your responsibility, and what elements the Board is responsible to maintain, protect, and preserve; and how the common areas can be used as well as how you and your guests must act when upon them.

@Heeyeon Chung @Ceasar Rosas hit the nail on the head.

Rudolph Shepard nailed the response! 

Not preserving cash.

Local governments try to preserve that history so getting approval to alter buildings can be difficult at times. 

The more you know the better everyone involved will feel.Capital preservation is also key for both you and investors.

Jay nailed it on rentals.

Unless you are into some multi million dollar deals locally, most CA folks are investing OOS. you hit the nail on the head  saving on commissions and access to MLS is mission critical on the west coast..  

Date of last paid affects interest accumulation, escrow advances (taxes, insurance), preservation costs, legal, title and court costs.