My title guy said the HOA foreclosed, but the 2 leans are still active. 

A group of folks are trying to force the entire community into a HOA.

Also, because we own 7/12 of the condos, we would control the HOA... what should we be aware of?

Here is what is going on:We are considering a condo purchase, after the contract we have found that the current HOA is in legal dispute with the builder regarding some of the issues that are exterior to the condos like the brick, water lines, windows, drainage, etc.

Also, Zillow states that the HOA fee is $250; however, the bio reads "No representation of existence of condo association", are these not the same thing?

HOA fees make it hard to break even on that scenario.

Owe HOA $400.  

We are looking exclusively at university student housing condos so we will hopefully have a low vacancy rate.How it works: The non-recourse lender requires a POSITIVE CASH FLOW of 25%.So when I find a property I want, I give him the purchase price, monthly rental income, and all expenses including taxes, insurance, HOA dues.

But since I have bought the place, I have not been able to get any financial records on the HOA and the only one I know is on the board is the President of the HOA.  

Two story, two bedrooms, two one half bath townhouse with driveway, long lot, no HOA, vinyl siding, back yard deck, in Antioch, TN (off of Anderson Lane), about 15-20 minutes to the Downtown Nashville, TN area.