Anyone have experience with Dockominiums?

[Nechelle Vanias]

I have an opportunity to purchase a marina on Lake Norman in the Charlotte, NC Metro area. The sellers were already preparing to covert to a structure similar to a dockominium, which they are doing a lot of at marinas in Florida and South Carolina.

Purchase price: $4,500,000
Net Cash Flow: $368,000

By selling lease hold interest in most of the boat slips, will generate $4,500,000 in cash. That gives me enough cash to purchase the marina, $1,500,000 in my pocket and another $100,000 yearly in cash flow from ancillary income.

Want to know if anyone has had experience in dockominiums that they can share so I know I'm checking the right things.

Thanks.