Defunct condo?? Help...lakefront home

[Jennifer Lee]

hi all

I'm new to this, so looking for further info.

I'm looking at lakefront vacation rental for my new project.

I found an interesting prospect. It is everything I'm looking for, HOWEVER....

It turned out to be a condo. A defunct condo.

What I found out:

The owner intended to build a condo complex where they develop the land and future owners custom build the units, which can be multi units.

The land were separate parcels, the only existing structure is the house I'm looking at. It is exempt from the building requirements bc it was pre-existing in by laws.

The complex is a T shape. My lot is the "-". And it's the waterfront.

It turned out to be 2 build-able lots, because they intended to build unit #2. And keep my building as #1.

Unit #2, is currently vacant, has the well to my lot and easement to the common dock slip (9, 2 would be ours) and. Lake access for condo.

The owner bought the buydown (access to lake) in front of lot #2. And a land locked neighbor bought the buydown in front of the house :(. A buydown is land between lot and lake, limited use (shed, decks, dock, trails)

Owner is selling the "-" and "l" separately. The "l" is 7 acres plus another 6 for further development. Only the 7 is recorded with the plans. Selling as condo development, ready to implement. We can not afford to buy at moment.

There Is HOA, and condo docs and Bylaws.

Since he is selling my lots separately, technically if someone buys the condo section ((vacant, undeveloped), I would be bound to the condo and will have to pay HOA.

I know this situation is unique, but can I sever my lot from condo? And Still allow The easement on second lot?

I have bunch more waterfront related question...but mostly worried about the condo "zoning"

Thx