I’m sort of thinking “out loud” w/ this question, but your thoughts are appreciated.
My partner and I are close to owning 50% of a small condo complex - low income area. We would like to own all of the units in the future, which is a possibility, but there are a few existing owners who might make that difficult.
There is existing management in place who does an adequate job - most of the complex’s problems stem from less-than-attentive or inexperienced unit owners. The management’s fee is ~10% of the yearly condo fees. He doesn’t deal w/ any of the rental/tenant relations stuff.
Assuming we owned 50%+ of the units, but not the whole complex…Could/should we (as the “board” of owners) replace the existing management w/ ourselves? Would it be legal/appropriate to take payment for doing the management? If not, I guess the only real benefit (for a substantial amount of work) would be more efficient management, which would ensure that our condo fees weren’t going to waste and that the reserve account was being sufficiently funded?
Any thoughts on my rambling stream of consciousness would be greatly appreciated!