Reverse condo conversion?
I have a property under contract, which is 4 condos, all in the same building, as separately deeded units. This building is the only set of condos that was developed in the late 80s. Later on, the developer took the rest of the land and built single family homes around it.
The condo HOA has been folded into the neighborhood HOA. The condo building is under a separate maintenance requirement to be administered and handled by the owners of the condos.
I know everyone looks to split up a MF building like this into condos, but it is actually making the process of purchasing the units more difficult, because we would own 100% of the complex. Would it make sense to attempt to convert the building into a quad-plex? It is unlikely that this building would ever be sold off into individual units, primarily because small condo associations are very uncommon in NC, and it is really out of place around the other SFHs.
What is everyone’s thoughts on this?