Buying Distressed Condos to convert into Apartment Buildings?

[Karim Shah]

I'm considering this deal of condos in this very distressed building. By buying the condos I will have a large stake of the building and the other investor owners have said they will sell me their condos, which mean I will have majority control over the property. I few of the other condos are vacant. Handful are owner-occupied, but I think do the distressed nature of the building they plan to leave.

Does anybody know how I can take over the HOA and convert the building back to an apartment building?

[Rich Weese]

Taxes are normally raised on apts to condos conversion. You'd want to verify taxes will be reduced on a reverse conversion. Otherwise, much higher taxes for you. Rich