I am contemplating on taking the risks and buy a few of these and hold and rent for years.

Don't get involved.

You can always put some skin in the game while still having private investor(s) involved. 

I've just recently ran into a situation where an insurance company did an inspection and found my client to have a Federal Pacific Stab lok and they chose to come off risk.

that's what I thought...just wanted to make sure where no restrictions on transference of the property that didn't involve the lenders participation. so basically if they can cure then it's a go...

Hi there my name is Ariel Benavidez, I'm 25yrs old and live in Bradford Ont. north of Vaughan and south of Barrie.I decided to get involved with this community and the world of Real Estate because I've come to realize that buying a house is one of the biggest monetary decisions we make in our lives and I know absolutely nothing about it!!

I'm about to start working at a new job full time and it involves a good amount of travel.

I'm new myself to BP and being this involved in Real Estate.

My point is, yes, in theory the cost could be similar to a single family home, common areas maintained, but if you are not involved in how the community is run, you can learn the hard way that other people on the board may be looking out for their own interests, want to save money at the cost of how the community is maintained, or could simply not have keen business sense in order to run the community like a business.

Agents have to work their butts off, for a lousy 3% commission, and they have to pay for almost everything involving them being an agent out of their own pocket.