You can buy one of the units in an a complex, then it either has to be an existing condo project or the apartment building needs to be converted into a condo project. I usually see condo complexes converted into apartment complexes, but not the other way around.
@Jeff Keller @Alexander Estrin @Ari Bauer thank you all for your answers....but ok so you can buy a single condo. Im asking because im thinking about becoming a Airbnb host. Hopefully I can find a condo in a good area for about $50,000-$60,000 buy it and rent it out on Airbnb. I seen some people doing this and making about $1600 a month an after fees there left with about $750 profit thats pretty good money and after you pay off the condo you can get more profit. Imagine having twn condos and doing this.
William Brown A risk factor is that the condo board/association decides to disallow short-term rentals. If the unit doesn't pencil out with market-rate rents (annual lease or month-to-month) there is a huge risk factor there. The risk rises the more people do it as most residents don't want to share walls with vacationers, college kids of spring break, etc.
@William Brown :@Andrew Johnson has a great point that you should consider. It might be against the CC&R's to do short term rentals. Your neighbors can complain to the HOA. There are a lot of factors that go into it.
As someone experienced in AirBnB units, I would suggest doing it out of a SFR or a 2-4 plex. No condos and no apartments.