What Do Experienced Investors Look for When Reviewing Condo Docs

[Kwok Wong]

Hey BP community,

I’m currently in escrow on a condo in Honolulu, and I just received the condo docs package.

I understand that these documents can make or break the deal, especially for investors, but I want to make sure I’m reviewing them with the right investor lens, not just as a buyer.

So I’m curious:

What do you (as experienced investors) focus on when reviewing condo docs? Or How do you handle them once you receive them?

• What are your top red flags that have made you walk away?
• What are acceptable “normal” issues that don’t bother you?
• Do you have any systems or checklists for reviewing them efficiently?
• How do you handle it if you find underfunded reserves or possible future assessments after your inspection period?

For context:

• I’m purchasing this as a fix & flip.
• It’s a trust sale, older building (1970s era Waikiki), and I’m financing with a hard money lender.
• We already completed our GC walkthrough — it’s a typical condo fixer, around $35–45K in renovations.

I’d really appreciate any insights from investors who have navigated similar deals — especially in older condo buildings or markets like Honolulu where AOAO health can significantly impact returns.

Thanks in advance!