Fourplex that is in a "HOA" that has no dues...
Background: I recently posted about a fourplex that is on owned land, but that land is basically only the footprint of the building:
http://www.biggerpockets.com/forums/311/topics/150...
I just received word from the listing agent, who finally got info from the seller. The 3 adjacent fourplexes used to all be on one property, which was later subdivided into individual properties. Each building is on its own "lot" that is owned, but all the surrounding land (including the parking lot that is used by all 3 fourplexes) is part of an HOA that is an easement. The seller says HOA dues have never been required.
What are your thoughts on this? We have never been involved with a HOA before.