I manage about 5 buildings for both the sponsor and coop and it works well even in the buildings where the sponsor owns a low level of apartments.

Unfortunately not every sponsor has a good outlook on their investment as the ones I work with so this needs to be taken into consideration. slumlord or landlord? I will not even take a building from a slumlord, but welcome the later... Turning buildings like this around is my area of expertise ...

Anyway, your in a dangerous place from a financial and liability perspective. Repairs and maintenance items must be proactively resolved and not reactively, which ALWAYS costs more. At this point, I would create a five year capital and maintenance plan for the site, create the budget to go along with it and make it happen ASAP. If the managing agent is adverse to this, get rid of them. It most definitely would require an assessment, possibly even a five year capital assessment and a raise in maintenance because obviously he money was not in operating to take care of these items in the first place...

If you have a copy of the offering plan it should outline the management mandates (which should have long expired. If your on the Board and in a position to initiate the change, I would not waste time... Feel free to contact me if you need more specific assistance..

Best
~AR