Self manage condo

My brother, sister and I inherited a condo in Colorado. We would like to keep it a few years and rent it. My question is; can one of us be the manager(we will pay her), so we don't have to hire someone outside the family? She lives only a few minutes drive away, and knows the area well. Or will this be considered a conflict of interest. Would it be better for a neutral 3rd party to manage it and... [more]

My brother, sister and I inherited a condo in Colorado. We would like to keep it a few years and rent it. My question is; can one of us be the manager(we will pay her), so we don't have to hire someone outside the family? She lives only a few minutes drive away, and knows the area well. Or will this be considered a conflict of interest. Would it be better for a neutral 3rd party to manage it and keep ledgers of of every thing that happens and what was done to the condo over the years, if needed for future sales of condo or possible legal matters? Other info maybe relevant; We are planning to form and LLC partnership with a lawyers help to form it. We have someone else managing it now. We are worried about a conflict of interest. We have access to a website for the condo board responsibilities, like minutes, etc. [less]