Distresed NonWarrantable condo project back to warrantable status

[Marques J.]

Hello all,

I hope this is the place to ask this as I cannot find this answer on google. I am looking to purchase 8 distressed condo's out of a complex of 12. Owner of 2 others wants to sell also.

What I want to do is fix these cottages(condo association is dissolved) bring back the HOA and sell them as warrantable. Problem is I will own 8 or 10 out of 12 until they sell off. I imagine there is some process similar to when they are developed. At some point the developer owns them all and sells them one at a time.

Any advice on this from a lender point of view?