Question about Co-op vs Condo
Hey everyone,
I am 25 years old and still new to investing into real estate. I noticed a listing having a 3 units being sold as a package. The building has 4 units total so the seller owns 75% of the units while the 25% is owned by a single individual. If someone were to purchase this package of 3, what are the pros and cons to buying a co-op vs a condo and can it negatively affect someone who is just wanting to rent the units out? Is the land owned by the individuals owning the units or who owns the land? I just don’t want to have issues down the road if I were to look for co ops. The property is in the suburbs of Illinois and not in the city of Chicago. Thank you so much in advanced for answering!