Question: Is it permissible for an HOA to invest in real estate by buying a unit in the complex and renting it out for income? The return would be much higher than any CD or money market account.

Answer: Larger condominiums are often designed with a manager's unit. But buying a unit for investment purposes would expand the common elements and require a vote of the members (which could be up 100 percent of them depending how the governing documents read). Also, the typical HOA does not have hundreds of thousands of extra dollars which could be locked up in such a relatively illiquid investment like real estate. Virtually all reserves are earmarked for future repair and replacement projects. To pay for those projects, reserve funds are typically invested in Certificates of Deposit for 3-12 month terms so the money can be readily available when needed.

Question: We have a member that requested copies of HOA records which, granted, he is entitled to see. He was quoted a reasonable price per page of 10 cents which includes the copies and the manager's time to produce the copies. He showed up at the next board meeting claiming he was entitled to the information for no charge.

Answer: It is reasonable for the HOA to charge a fee for photocopies. His grandstanding at a board meeting doesn't change the fact that this is a special request and not routine HOA business. As such, he should pay a reasonable cost. Of course, he could save the money by simply reviewing the records he's interested in. Requesting piles of paper is a common intimidation tactic.