This only really works if you're getting some type of 3rd party financing.2. 

It is important to understand as well, that just because an asset goes to sale does not mean it is sold to a third party buyer, which would create the payoffs for the lien holders in succession.  

The highest yield possible, bar none of any strategy, is to buy a note at a discount and refinance it days latter receiving the UPB or close to it, they yield skyrockets!

However, the original equity into the project will not be divided equally among the parties.

The hardest part will be trying to convince the other party that their existing condo is worth so much less than your remodeled one.

I'm not even sure how they ever passed the low bar of occupancy inspection they were that bad.  

A variation on this that's common around here is a duplex or triplex split with party wall agreements.

This sounds like a private party transaction, otherwise the delivery of the property occupied or not, should have been clearly stated in the documents.

@Michaela Graham in Indiana, at least every part I have lived in, the sewer are owned by the city, and the city has the ability to lien the property for unpaid sewer bills, and any other utility owned and supplied by the city.

Hey Kevin,Welcome to the BP party.