Title search, search on state laws regarding -ominium associations, USACE to see who owns the bulkhead and if it can be repaired should it need to be in the future. And, if there are 100 members in the Docko Association? Congratulations, 100 of your new best friends are going to try to tell you how to run your life. Get all the records and documents that you can on the association and see how it has been going. Get an attorney to look it over for pitfalls.
If you decide they're all nuts and you want to sell, can "the board" meet in secret and reject your buyers? Forever? For specified reasons? Or, are they required to buy it from you at the same price as the folks that they just rejected?