One of the best things I ever did was buy the freehold to my old flat.
Cost £5000, Value of property went up by £50,000.
£45K profit overnight. Nice.
ref the Property Management. You would probably need to set up a company, each flat owner would be a director and own one share each.
Then just agree how much you going to put into the compnay and what to spend it on.
Also, Do the current company have a long term contract to service your building. You might not be able to get rid of them anyway.