Advice: Don't do it.
Someone has to pay the bills, and if 27% are delinquent, then the burden's going to fall on you and others who will pay.
Beyond that, if 27% aren't paying their condo fees, that probably means about 27% aren't paying their mortgages, either. Which means the building is going to be full of foreclosures. That'll make financing difficult. That'll make it nearly impossible to sell so long as there are some foreclosures left . . . which might be years.
If you absolutely know you're going to be living there for 5+ years and you can buy for 20% under fair market value (using current comps, including foreclosures), and unless you can afford a 40% increase in your condo fees, then you might consider it, recognizing you're buying into a ton of headaches. Otherwise, look for something else.