I am currently working with a borrower that is buying a condo in downtown Phoenix. This is their second attempt as the first Condo was privately managed by a volunteer board and was very slow and not really understanding about the need for such simple things as a returned Condo Certification. My borrower is using FHA financing and number of rental units, number of units owned by one investor, and the status of the HOA members paying on time are some things that you and your realtor must not lose sight of. If you are paying cash then the lender concerns are moot, but it still comes down to the management and status of the Condo Complex and HOA. You do not want to buy into an association that is being sued or is in need of some special assessment to cover the lack of unit paying their HOA dues. Good Luck!!
Amerifirst Financial, Inc.