Condo vs. Multi-Family
Hello! We recently went into contract to purchase a 2-unit multi-family property in Savannah, GA. It's set up as 2 condos plus a condo association instead of a multi-family residence. Does anyone have experience in dealing with this? My questions are:
1) What are the pros and cons to having it as a condo vs a multi-family? So far I think the considerations are as follows, but would be curious as to others' experiences:
- Pro: you have the flexibility to sell one unit later without selling the whole property
- Con: Insurance seems to be more complicated (we would need to buy a condo association policy in addition to a policy for each of the condos)
- Con: If we were looking to sell the property, a buyer would have a tough time getting financing
2) Has anyone converted a condo into a multi-family? What was the cost/difficulty?