Dan,The Association Bylaws and Declarations will outline who is repsonsible for the the various parts of the building (common elements, Limited Common elements, etc.) 

If you spend 40-60 hours on this website and take notes then you would be able to outline a marketing plan to get started .

I also linked a helpful reddit post an investor put together that outlines how he analyzes markets for growth and other factorshttps://www.zillow.com/researc...https://www.zillow.com/home-va...https://www.reddit.com/r/reale...

@Santo MenonBefore you purchase a property you should complete an inspection with a licensed inspector that will outline deferred maintenance and larger CAPEX items that need to be replaced (roof for example).

I also suggest that if you can, get a copy or a narrative appraisal and following the outline will help you in your determinations.

So, if you areed to pay Y but raise it to X simply because the appriaser agrees that it "could be" X does not make it X and the real sale price is what the lender relies on to establish the loan to value, to assess their risk, to insure their portoflio, to set loan loss reserves...etc.Now, some government loans (FHA) actually allow a price to be raised, but only with the amount being disclosed and known from the real sale price and with the appraisal covering the additional amount (like closing costs) this is entirely different than the scheme outlined above....Bill

But as a piece of your portfolio, that seems pretty attractive.Another member, Rich, outlines another strategy.

To outline liability, rights, duties, etc?

If you don't know what those features and amenities are in your market you could put it for rent and then solicit feedback as others have said, or you could also call a few local property managers, investors, real estate leasing agents, and ask what they are seeing for rents, and features that your target renter is looking for.The posters who are outlining getting the unit up and rented as soon as possible are correct.

Also it is hard to anticipate Special Assessments that will happen to the property - this is usually outlined within the documents you receive for the property, which will state that up to a certain dollar amount can be assessed without the Board of Director's approval and anything above and beyond will need approval.