Hey guys- I'm looking at 2 small parks (23 pads total) sold together. - Sellers own 20 of 23 HOA “units” (all TOHs, $425 lot rent). - 3 resident-owned units pay $200/mo HOA fees. - HOA run informally by sellers, no HOA capital reserves. My concerns: 1. HOA admin burden & liability 2. Lengthy foreclosure process (rather than eviction) needed for non-paying owners 3. No reserves = big repairs would fall all on me 4. Refi/resale challenges with the HOA format Numbers look good, but ownership format feels risky. Has anyone run into this before? Worth pursuing or hard pass? Thanks!