Managing a boutique condo

Have an (independent) engineering study done before handover, even if you need to raise money for it from the unit-owners while side-stepping the sponsor/management company. Don't let the sponsor/mgmt be involved in selecting the company or negotiating the contract. Don't use their attorney. This will alert you to any construction deficiencies, as well as give you a sense of upcoming (5-year) capital improvement needs due to normal settling, etc.

After taking over, independently select the accountant and attorney that the condo uses -- assume total conflict-of-interest by using the sponsor's.

Is self management worth it? How much could managing a small building cost?

It's hard to find companies that want to waste their time on tiny buildings, so it's proportionately more expensive than managing a large building.

On the other hand, it can be a nightmare if one or two people in your building don't have the time, skill sets, and most of all nonstop zeal and endurance for self-management.

agreed with #4...it will end up costing more given the lack of expertise w/o a professional manager. I'm sure all the back-office tasks are comoditized but its all the other/unknows that you are paying for.