Pros & Cons of De-Converting Condominium Into Apartments

[Abhijit Joshi]

Hello Everyone,

I am about to close on a 1 bedroom condominium and I got a letter from the seller saying that a company wants to De-Convert the building (consisting of multiple condos) into an apartment. From my understanding, this is a pro for me. I would like to understand this in depth. What are the options here for me? Is there something I should know in order to be successful in this situation and/or make the right move here? Is there an option for me to become a property manager for the unit? 

Looking forward to a great discussion!

Thank You,

Joshi