First Time FSBO Advice

[Zach Cowan]

Hey Bigger Pockets Community!

I'm considering selling my rental condo to my current tenant and am seeking advice for what to consider. I'd like to sell direct using just a real estate attorney to reduce the cost of sale/increase profits. I'm hoping folks here can share resources on everything to consider for conducting this transaction on my own, steps, disclosures required in VT or links to good resources. More info on the property and sale below.

My tenant has been in place for 2.5 years, has very steady income in the medical field (over $300k annually) and is interested in purchasing.

I wouldn't consider FSBO for the open market, but I would consider selling at recent comp values to my existing tenant without agents involved to keep our costs down. The association is currently in the process of acquiring bids for residing both buildings entirely and rebuilding 3 story decks that have rot. I anticipate this to cost ~$30,000-$40,000 per owner and it could be a good chance

I bought in November 2018 for $278k with $56k down and put another $5k in for renovations. I've got roughly $200k in equity with similar units going for $400k in recent sales.

My plan would be to use the profits to purchase a multifamily in the same neighborhood.

Thanks in advance for any insight!

Zach