C.W. from Harris County, Texas writes:
Dear Mister Condo,
Can a management Company own a unit at that property?
Mister Condo replies:
C.W., they sure can! It is not uncommon for a management company to also have a real estate division that is actively involved in purchasing, selling, renting, and even flipping real estate. Some associations have rules about not having actual management company employees living within the association but few have rules about who can own a home within the association. As long as your association has no rules about who can own a home within your association, I would say there is “no harm, no foul” in having the management company own a unit (or more) within the association. Now, if it turns out the management company is showing preferential treatment towards that home, the Board could claim foul and remove the management company. Typically, this does not happen but the Board does have recourse if it does. All the best!