Obviously this is going to be a problem anyway, since you aren't paying dues and keeping a reserve fund. However, at least with the an association in place, what happens should be in writing somewhere.
You may have difficulty selling either way, because banks have gotten extremely picky on lending on this sort of property. I would recommend talking to a lender and asking them what would it would take to make this property easier to lend on, and follow their advice. Implementing condo fees and starting a reserve fund is probably a good idea.