Sounds more like a special assessment than an adjustment to the dues.

That means a very large special assessment is very likely.

Jason,Off the top of your head, tell me whether or not your coverage C on your rental properties extends to water penetration caused by raccoon damage and whether or not it's replacement cost or actual cash value.When non insurance professionals know how to read an insurance policy, then you can criticize other people's comprehension of that document.

But I always go over first and assess the damage.

I this specific deal I am hoping to purchase a 4 unit for $150k with $2900/month gross rent that should assess for at least $240k.

Then get your contractor over quickly to assess the situation.

Not only HOA fees can be increased anytime, HOA can slap a Special Assessment Fee if they make a high-cost repair (siding, roof etc).

Right now, the best one I see out there to use is the MULTI-member LLC with a GOOD COMPREHENSIVE OPERATING AGREEMENT/UMBRELLA POLICY.

Estate sale with no outstanding taxes or assessments that I can find.Exterior: Brick in above average conditionRoof needs tear off and reshingleNew gutters/downspoutsFront steps (limestone block) need redo9 windows need replacement-average size is 28x42Garage needs new doorsInterior:Needs new kitchen-everythingBathroom needs updatingRefinish hardwood floors-in good shape overallNew interior doorsNew paint throughoutUpdate interior hardware, fixtures, etcBasement:Damp-due to poor/nonexistent gutters/downspoutsClean/paintInstall washer/dryer hookupsMechanicals:New HVAC needed but duct work looks soundNew water heater neededReplumb, all galvanized-pretty straightforward plumbing jobElectric was upgraded to 100 amp breaker service approx. 20 years ago.

Expect to have some special assessments every once in a while with a building this age - not for new roof etc which is foreseen but things like changes to code (i.e. retro-fitting to add sprinklers in every unit) and things like that.