I wholeheartedly agree with Whale – self management is not a simplistic way of management and you really need a strong exec committee. We have always self-managed (block of 12) with only one unit tenanted at the moment. however it seems that as units change hands from long-term nearly original owners who looked after everything from gardening, garbage, changing light globes etc themselves but are now older and physically unable to, the newer young family owners are much more selfish and don’t seem to understand the obligations of everyone living in a community situation.
Self management is a big responsibility but also gives everyone more control and ‘closer to home’ ability to maintain the property. However, you must be aware of all obligations under the ‘Act’, prepared to enforce by-laws, and have the time and energy to liaise with, check, pay and follow up contractors, prepare budgets, financial reports etc. it is certainly not a ‘one-off’ insurance obligation.