TIC Financing and Possible Condo Conversion
My partner and I are looking to purchase a residence a TIC for a two story unit in San Francisco. It's priced well, particurarly perhaps it is a TIC and is scaring away other buyers. Admittedly this is our first experience with TICs and are trying to learn as much as possible about them within our exceptions period.
We are now come to understand that financing the TIC might be an issue, and waiving the financing contingency might not be a good idea. It sounds like the process is much more complex than a standard loan and would need a legal review of all of the TIC documents prior to close which might slow down the process.
One caveat is that it's a 2 unit and the other owner wants to do a condo conversion. This will be a primary residence for us and we'd imagine doing the condo conversion would add equity to the property. I've heard that the fees would be around $20-$30k though. Has anyone dealt with TICs in SF? How did the financing process go? And more generally, how was the TIC experience?