(b) i would be SHOCKED if you could really get a mortgage loan in this scenario. really, very very shocked. it is highly unlikely that you can get a clear title to this property without a homeowners association, and without that, how can you get your loan?
(c) do you know whether there is insurance on the building right now? are the water bills and taxes paid current?
(d) to establish the HOA, you need to first know if the condo declaration or another document creating the HOA exists and was recorded. you will need to call a meeting of all the unit owners for the purspose of electing officers/directors for the HOA. you may possibly want to incoporate (or reinstate) the HOA.
(e) in all probability you cannot create a (legal) HOA on your own as the owner of only 1 of 4 units.
again, i would urge you to work through this with your lawyer.
A condominium project with features that lenders view as protections against hazards that would threaten the value of condo units. These features include the project being completed with most units sold rather than rented, no one party owning more than 10% of them, adequate insurance coverage of common structures, and an ownership association independent of the developer.
In addition to be warrantable less then 60% of units gan generally be owned by non-owner occupants. Here is a link to my blog on this subject.