Ryan, check with other owners who are already in the building to see what their feeling is. Since it's a condo, you'll share in whatever expense the building generates. Have they (other owners) paid any extra funds previously? Does the broke HOA owe any outstanding debt? Are property/city/income taxes and assessments current? You'd share in that expense, too. Check with the SD city government, too. Any fines, penalties, other outstanding expense levied toward the building? Is the El Cortez liable for any improvements at the street level? You'd share that as well. Do your due diligence carefully. There could be some serious costs involved, that may quickly eat up that 400K savings on the purchase, and as owner, you'd be stuck with your share of that, even if it's an inherited debt. Unless your seller guarantees free and clear title, and a title insurance policy backs that up, you could be stepping into a seriously steaming pile of dog-doo.

I know that building, and know that part of town is a nice draw for you, but you want to be sure you're not buying into a total money pit. About the only way out might be to incorporate yourself, and buy as an LLC. But as they say, your mileage may vary.

Good luck!

Dave

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2003 4.4i (The X5 is WAAAY more fun than my Jeep used to be... )