Group Investing in Wilmington, Delaware

[Janetta C.]

Hey Guys,

A friend of mine lives in Wilmington Delaware and presented two condo units for sale that she thought could be a good investment. She is suggesting a group of us (4 total) form an LLC and put up cash to acquire the properties. Both require a little cosmetic updates but nothing major from what is in the listing.

I know renovations in condo units are restricted to HOA rules but unsure the rules regarding renting. Considering the current market would it be wise to invest in a condo as a buy and hold? I assume more people are looking for single family for outdoor space.

I’m not familiar with the market but it appears the condo price as significantly dropped since initial purchase in 2009. It sold for $142,500 but now it’s listed for $31,900 and other units are averaging between 29k-42K.

We are planning to further discuss details but I wanted to ask the BP nation if this seemed like a good idea and what questions I should have answered before moving forward. Thanks in advance!