We bought a condo and the unit above is leaking into one of our bedrooms.

We bought a condo and there is a leak in a bathroom in the above unit.

I've just never seen a good price/details mix for me to personally get involved.Like all commercial property, if you're going to rent it out you really need to keep long vacancy times between tenants in mind; depending on the area and state of the economy it could be 6-24 months until you find another tenant so be sure to include that in your risk/return modeling.Carrie, my general thoughts are that there's probably very little condo-specific as far as advice goes, besides reading the condominium docs closely of course and paying attention to any upcoming special assessments (e.g., new roof needed soon) or planned fee raises - which you'd do for residential condos too.For the most part, you're basically buying a retail property in that area, just on a smaller scale, so you should be able to find a lot of helpful advice/resources under that rubric.

Ordering payoffs and HOA docs also require time to process.

Upon stopping in they have a checklist they like to run through checking all areas for water leaks, smoke detectors and furnace filters.

He got me all the docs needed to purchase my current spot while in the heat of tax season and found some errors from the previous year's taxes (I went to a random person).

We adjust the AC unit so it is not leaking inside, wipe down the floor and call it a day.

During the initial walk through the contractor did miss a few items: wood rot underneath the house, a leaking sink, a few minor cosmetic issues regarding the bathtub, a leaking water heater, and a few other items.

Also include a doc that allows addignement/assumption of the leases to you.

You could use Google Docs with your partner which is a nice document sharing service for this.I use MS Excel to track almost everything about my properties, 1 workbook per property. 1 Tab in the workbook is for maintenance: broken things to be fixed and planned maintenance, such as filter changes.