I don’t have a precise answer for you but have been involved in the CCTV at a number of buildings where I have been on the committee.
In one complex it was the Secretary and one other SC member that had access. In my current building it is the part time Building Manager and one SC member that have access. In both buildings the Strata Manager had the username and password but never needed to get involved.
In both buildings if a resident complained of theft, vandalism, people parking on common property etc, one of the two authorised people would view the footage and if they found something would copy it over to a USB key to give to Police, send a photo to the offender with a warning etc. If a resident really wanted to, they could sit with that person at the time and watch while it was being done. This was only taken up once, and the resident ended up being thoroughly bored as 48 hours of footage had to be watched, which at 16x still took 3 hours without the pausing and rewinding to check as it went on.
I can not see any legitimate reason that a resident would need a live feed. One good practice though is to have a monitor showing all the cameras displayed prominently, say in a foyer.
Have a look at http://www.flatchat.com.au/forum/another-day-in-paradise/surveillance/ as there are a few good points also.