Owning a condo can be quite scary financially. If the building itself needs expensive repairs, the condo board can pass those costs down to the tenants.

You may own your condo, but the condo board can also hit you with a 6-figure bill for building repairs and aggregate maintenance. Enough to force you to get a new loan, even when you might still be paying your mortgage.

And if the tenants take issue with these kinds of bills (they frequently do), they can tie things up while things get worse and more expensive to repair.

This was actively a problem for the tenants at the center of the Surfside condominium collapse, with maintenance needs directly related to the problems that resulted in the collapse.