I personally would not do it even if it was a relative/friend? Before you make the decision, I would get legal advice. I don't see how two people could be a HOA? I agree, if you get a real jerk, and you pay your share and he/she does now?????

The builder is setting up strict guidelines and whatnot for the HOA, and establishing it along with a budget. Again, they've done several of these in this town since the 80's. I will definitely talk to my lawyer.

I'm in a three person condo association, and there are plenty of two person ones in my neighborhood. So yes it does happen. My realtor said, in her experience, a two person association can have problems with, among other things, an impasse on decisions--no third person to break the tie if you disagree. Just something to think about.

There are many such condos in my area. Yes, there is a risk, but also it is likely to work for you. The people I know involved in these are happy, one has made remarks about their neighbor vetoing one thing, but nothing you wouldn't have in any condo.
Bottom line here and I'm sure there, is you get a nicer place for your money. I just looked at one last weekend, for the price it was a good value, only negative, it wasn't a single family house, but for the price one can't buy a SFR.
If you buy in a highly desirable area, it will probably work.

Yes, this area is highly desirable. Decent SFH are well over 500k, even in the recession. It's 45 miles to NYC and on the coast.

Hmm, anyone else?

I looked at a place like this (which we did not buy). I would advise that you check on things like, how do you decide who to hire to fix the roof, etc? What if you like one contractor and the other owner likes another?

Also, what happens if the other person stops paying their dues?

There's a lot of trust you have to have in this situation. You might get along with who lives there now, but how do you know you'll get along with the next owner of that unit?

My brother bought a condex. It's a 1920's duplex that someone bought and flipped. The HOA charter has a lot of legalese to make sure that dues get paid, etc.

The way his building is set up, he has one side of the building and the other owners have their side. The only common elements are the roof and the wall that runs down the middle to divide the two units. The roof was brand new when he bought the place and he's planning on selling before it needs replacement. Utilities are separate; yard work is done by the owners. I think he pays $50 a month dues, but that money is for future repairs/improvements. I think when he bought the place, the water was shared, but both DB and the neighbors wanted separate water meters and the flipper ended up getting those installed.

He does give his neighbors some money each year to decorate the front of the house. They are really into holiday decorations, and as the two front doors are right next to each other, it looks odd to see one all dolled up and the other bare. As long as he doesn't have to buy the decorations or put them up, he's fine with spending about $50 a year to keep the neighbors happy.

Because his neighbors are two older ladies, he does feel obliged to get out and shovel the shared front walk before they do--they are willing to shovel, but DB feels guilty about letting them do the work. I think he also mows their front lawn for them, but again, that's his own doing. The neighbors do bake him lots of cookies.

He's been there three years and nothing has come up that required condo money being spent or the neighbors to agree on anything so far.