Dissolving HOA after purchasing up entire building?
Hi all -
I own a condo in a 2 unit building here in Chicago. I have a potential opportunity to buy out my neighbor's unit, which would then give me full ownership of the building. My plan is to purchase the unit with cash first, and then refinance 6 months down the road so I can pull 75% LTV off of the appraised value. However, my lender said that in order to refinance to a conventional loan... I would need to first dissolve the HOA after buying my neighbor's unit.
Has anyone gone through this process first? What are the steps involved and the typical timeline? And how much does a lawyer typically charge to help with this process?
Also - does dissolving the HOA preclude me from selling each unit individually in the future? If so, would I just need to re-create an HOA and then sell each unit?
Thanks for your help.