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What are the downsides of investing in a condo?

I am in the process of selling a commercial property and want to 1031 exchange it into a condo. What are the downsides of owning a condo? What happens if there is something wrong with the unit and needs to be fixed (ie plumbing). Do you have to hire someone from the building? How easy is it to buy / sell? What is a reasonable price appreciation for nj/nyc metro area?

submitted by /u/balaca40
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source https://www.reddit.com/r/RealEstate/comments/xpacn8/what_are_the_downsides_of_investing_in_a_condo/
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