Should I convert a rental complex into condos?

[Marina Kedrub]

I am considering converting a 47-unit building in Oakland, CA into condos. The primary reason is to avoid local and CA rent control ordinance in the future (the building will become a subject to CA rent control law in 4 years). The units have separate parcel numbers and have already been condo mapped. The conversion will involve completing a few legal steps which may take up to a year and cost $30 - $40K to complete. I am a long term investor - owning a non-rent controlled building in 20-30 years from now seems very valuable. 

Question - are there any complications that may arise as a result of this conversion in terms of financing, obtaining insurance, management, expenses, future sale, etc.? 

Thank you! 

[Arlen Chou]

@Marina Kedrub unless my understanding is incorrect, converting your apartment building to condos will not help you get around rent control. Costa Hawkins does not apply to the person/entity that does the conversion, it is applied to the anybody that were to buy the units AFTER conversion. There was a loophole that owners used to do what you are suggesting, but in 2001 it was closed by SB 985 requiring the subdivider to actually sell the units before the protections are enacted on a property.