Fourplex that is in a "HOA" that has no dues...

[Kimberly T.]

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.

[Sam Leon]

why are they selling the middle fourplex and not the one to the west where they may be able to subdivide the land parcel?

Besides the land, are there other things tangled together with the three buildings?  Do the sewer lines merge together into one then tie into the lateral?  A common septic tank?  A shared well?  A sprinkler system that covers all easement areas?  Is there a shared dumpster?  Common maiboxes area? Laundry rooms?  Everything common has to be resolved.