I wouldn't count any of it, because he is there in a fiduciary capacity to serve all the owners, even if it's to his detriment.  (Should they raise the fees to improve life for residents, or keep them low to help landlord profits?)  

Well, OK,  I would count the actual time spent at open meetings, since he needs to know what is happening.

I hope it's not in his IRA.  We have an "owner" in our association who used to spend a lot of time managing her IRA's property, until someone suggested it might cause a problem if IRS found out about it.