The HOA documents (bylaws and declarations) spell out what the HOA and what the unit owners are responsible for (from an maintenance, Insurance, and ownership perspective).  

As of right now we are seeing multifamily property owners who have years of deferred maintenance under their belt try to sell at ridiculous prices hoping to get a sucker to bite.

You can find some around 300k or less but those will likely have smaller units and/or deferred maintenance.

I bought a well maintained building in February that has had little maintenance since then other than a flickering light.

Handling all bookings, maintenance, cleaning, tenants etc.

@Jack OrthmanIt’s common here in Coastal Orange County, CA due to the salt air requiring frequent painting and additional maintenance.

Some people are stuck in their own routines and limitation and are unwilling to take on a new decision or responsibility. 

It cash flows positively.Operationally, What makes it most attractive is that because it’s a condo building- the building has their own management and maintenance staff and association rules.

I would first recommend trying to get seller/owner financing if you can and if you believe that your neighbor is a trustworthy individual because that way you can convince them that they will continue to receive a steady income while not having to hassle with the maintenance and management of the property.

Based on my mortgage of ~2800 - 3 units at 1200 would put me in an OK spot to be able to put money away for cap ex and maintenance monthly while covering my liabilities.