The best thing you can do in a Condo is joint the board. I found it was about a 5hr a month commitment and it really gives you control over the asset and the living environment.
Look at the reserve fund study, managment fees, and maitenance fees as a starting point to see where the money is coming from. You can also ask for the Monthly income statements and you can see all assets and liabilities. This should give you a good idea if it is mismanagement, a low condo fee subsidized by special assessments, or something else.
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