In general, it's a bad idea and a future problem waiting to happen, not to mention a possible conflict of interest if he/she cannot separate themselves properly. I can guarantee that almost no matter what they are charging, the long term it will cost you more if the person has no experience.

Notwithstanding my personal opinion, there are several factors to look at...

~Who will be responsible for banking and financial transactions?
~If it is the Manager, then you want some adequate fidelity bond insurance.
~Check with the D&O policy and ensure there are no exclusions for this.
~All billing and invoicing must be approved by the board treasurer in addition to the managing agent to create a system of balance.
~Are you going to purchase management/accounting software? Will you give all this to third party? Good software can be costly.
~A strong system of checks and balances must be in place.
~a small private building is not a coop or condo, the laws are different, how will he educate himself?
~Is the Board placing themselves in a vulnerable position? I believe so.. speak to your attorney about negligence and your fiduciary responsibility to do what is best for the shareholders...what is the reason for the change? To save money? cheaper is not better...

Unless you are a small building and will actually self manage and use this person as a liaison/manager it cannot work.

Food: when you fire anyone, even a superintendant, you have the benefit of removing him leaving the premises; what if you have to fire this manager?

There are many more, and I can probably write a small book about concerns and proper protocols, but just wanted to toss a few out there to you. Obviously, these are just my opinions, but having been in the business for 23 years I am confident in them. let us know what you decide to do and how you make out please.
Good Luck

~AR