Newbie needs advice

[Jeremy Lewis]

I have been looking at purchasing a fourplex that is part of an apartment complex (shares a parking lot). Anybody have any misgivings about this?

[Mitch Kronowit]

Well, the first thing that comes to mind is the owner of the apartment building selling off the 4-plex or is that property already separately titled?

Next, who owns the parking lot? Is that property part of the 4-plex or the apartment building? How is the "sharing" documented? Is the current owner of the 4-plex simply have a "handshake" agreement with the apartment owner, a lease agreement (to use the lot), or is there an easement on file?


I would start there.