New member intro + Looking to evaluate a strategy to buy my neighbors

[Kenneth Cowan]

Hey everyone.  I just found BP through the podcast and am really excited to read through this gold mine of knowledge.

I am trying to research the possibility of buying one of the other 2 condos in my building (and eventually the 3rd).  We just purchased the ground floor in the last year because the location is A+ (borders a park, $1-$3MM+ homes all around.  My building has 3 units, two others are 1/1 and mine is 2/1.  The 2nd floor unit has indicated interest in selling this summer and the third floor unit is only a few years out from needing to move.  

I already manage the upkeep of the property other than inside the other units, so owning and renting the other two would be much more convenient than owning a rental elsewhere.  My thoughts are that if I could eventually own all 3 units, that's an attractive package on a re-sale OR there are many single family residences in the area that, when renovated fully, go for well into the 7 digits.  I just feel like the possibility to snatch up all three units won't come around often, and I don't want to miss that "window of opportunity".

The gears are turning in my head of all that I have to explore: forming an entity, partnerships, down payments, management expenses, cash flow analysis, etc.  If anyone has done something like this I would appreciate any experience stories.  

Cheers!