Condo Cash Puchase - Future Owners to Create HOA

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Bidding on a small condo near the beach with an all cash offer. Listing realtor has stated one unit is under contract, one is occupied, and the future owner of the 3rd will need to create an HOA. There is none at this time. Is this an advantage or disadvantage? Has anyone experienced this before? The new HOA can make or break the cash flow. What to do?

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