Does anyone turn apartments into condos?

[Daric Myers]

Hey everyone,

So, I'm looking a 8 door, all 3/1, for a screaming deal.  It's in prime location right next to the local college.  My strategy was to take out a loan from a private investor, move in, fix them up and rent them out and refinance.  They should cashflow very well.  

Here's my personal issue.  I'm in debt.  Student loans, business debt, credit cards, you name it.

Would it make sense to spend a bit more on the reno and sell each unit as a condo?

100k on the property, 200k on reno, and an ARV of about 400k conservatively.

I want to BRRR it out real bad, but my fear is not being able to refinance.

Let me know what you think guys!

Thanks