HOAs read the fine print and read again 2 to 3x times a few common things to look out for with condos in general:*Are you allowed to rent it out right away in some cases they prevent for a duration of time*How are repairs handled*The HOA is it run with the feel of a community or like an iron fist dictatorship*HOA fees have they been relatively stable or consistently climbing*Any sign of new construction that could compete with your investment*Any new business development in the works say a strip mall etc that could drive up demand for your potential unit post purchaseThe deciding factor is what you are comfortable with after all the facts are laid out.

They should have performed a plumbing air pressure test which will give you a little insight on if there are leaks in the system.

I would pay close attention to all of these things as if the prior owner (before the bank) was neglecting the tenants and the units they were also deferring preventative maintenance on all the mechanicals and major items too.  

This could easily happen again so I have been working on a preventive maintenance procedure.  

1. upload 3 to 5 craigslist ads per day, change the wording to suit the type of buyer you think would best fit into the neighborhood2. have an open house each weekend on a Sunday for a couple of hours, make sure its well advertised3. stage the house4. make sure the landscaping and curb appeal is beautiful5. make sure the utilities are on in the property and the air is on for retail homebuyers6. network with people who work with retail buyers, if there is a buyers assistance class/event locally go there with plenty of flyers.7. network with your local real estate investment groups, there are always agents around you work with real buyers

I am a active duty Air Force officer stationed at Barksdale Air Force Base looking to break into real estate investing.I am here to learn as much as possible over the coming months as I save some starting capital. 

I'm off the air, I try to post and it takes me to my dashboard!

That is my problem with the LLC route; not that they are a bad idea, but that they have been "sold" to investors as a magic bullet when they most certainly are not.Financing in an LLC prevents you from participating in the majority of available residential financing.  

Last thing you can check is that the vents that are close to the Air Handler are fully opened.  

I have zero problem taking care of any mold under the fridge - in fact they have signed the mold prevention page which says they will work to remedy any and notify me of any - but this is simply a disclosure that states that I am not aware of any mold in the premises.