Converting Multi-Family House to Condominiums
Hello BP:
I'd greatly appreciate any feedback/ experiences from BP members regarding the conversion of an existing multi-family residential home (currently, renting to tenants) into three condominium units. Specifically, it's a condo conversion with less than four residential units. Instances of a conversion with four or more units would run into constricting legal requirements with respect to existing rental tenants (i.e. protection of tenants, relocation assistance, right of first refusal, etc.).
More specifically, I'd be curious to hear your thoughts/ experiences about the following:
- Unexpected Problems
- Unexpected rehab costs for conversion into condo
- Tips on how to identify an excellent real estate attorney
- Tips for successfully creating "Declaration of Trust" and condo by-laws
Any and all insight is greatly appreciated. Thank you!