Condo conversion legal issues?
I am considering purchasing a duplex in my area (columbus, ohio) and eventually converting it into 2 condos (each side separate). This is pretty popular in my area and I think it makes financial sense.
(for reference, the house is about $160k and I could easily sell each side for $100-$110k, rents in the area are about $900.)
however, I am not sure how much of a pain in the keister this is going to be - for instance, whether one has to establish a homeowner's association when there are only 2 units, and how one goes about doing that, and how difficult it is to get the land and house legally split in two. I am planning on living in the duplex and renting out the other side, the condo conversion would just be icing on the cake once we are ready to move. I am worried that since there won't be a huge profit off the sale, that large legal and government costs would make it more trouble than it's worth. Any advice? Thanks!