Chicago, IL CO-OP Investing...What to consider before investing

[Linda Govan]

Hello BP members,

I want to look into an investment opportunity with another investor. Its a Co-Op in an upcoming neighborhood in Chicago, IL and has a decent amount of units for a starter multi-family.  The other investor is looking to make the co-op a multi family and that is looking to be more profitable to do.  He has a problem with (2) of the owners not selling their interest and they still live there and he owns the majority.  My question is when investing in CO-OP what should an investor consider when negotiating with owners for their shares? I also want to know how to make this an easy transition from a Co-OP to a rental asset?  Thanks in advance for any type of advance this post could produce.  Happy Investing to you all.