"The Arizona Condominium Act (ARS33-1228) allows for an HOA to disband if 80 percent of the members agree to it. In this case the investors were the 80 percent. Forcing the remaining owners to sell at what they called market value set at $75,000. That number was determined by an appraiser, hired by the investor-run HOA according to the termination agreement filed with the county. These folks say it was just enough to pay off their mortgages and left nothing to even put toward a down payment."
I get lots of comments and emails from people saying they want owners to have the power to dissolve their HOA, and sometimes that's the sensible thing to do. But that can also be done by an investor-owner with 80% of the voting interests, who can then force the remaining owners to sell.