Guy is crazy - bought 1/2 condo building

[Chris Seveney]

Met a friend out and one of his coworkers joined us. We ended up talking some real estate and this individual (Jeff) noted he recently bought 5 of 10 units in a condo complex. Reason he did it he said was they were all bank owned and there was no condo association and he paid under $30k a piece for them. What he has done since acquiring them (all within a month) is re-established a condo board with himself as president and wants to get the association back up and running. He had rented 4 of them out for $900 a month and upped the dues to get reserves and clean up common area of the building. His goal is to attempt to buy the other five units and then own the entire building. If he owned all ten units then could he actually sell the building to himself (for nothing or $1 ETc) He wants to convert it to a rental building. I thought this was crazy but also curious if it could be done ??

[Wayne Brooks]

He wouldn't have to "sell them to himself", he could just dissolve the condo association by whatever requirements are in place for that, I would think, no?