If a condominium has 12 units or less, the condo corporation can carry out the study itself. A special resolution must allow the corporation to conduct the study. However, experts highly recommend that, whenever possible, a reserve fund study provider should conduct the study and prepare the report. Under the Condominium Property Regulation, a corporation is exempt from retaining a reserve fund study provider to prepare a reserve fund study and from establishing or maintaining a reserve fund if: The certificate of title to each unit is registered in the name of: the same owner or the same group of owners and The units are rented or offered for rent to persons as tenants who are not purchasers/not intended to be purchasers.