Large multifamily (30+ unit) - condo conversion financing

[Ezra Okon]

Hi,

I am considering purchasing a large (50+) unit property. I believe that the market currently values condos much higher than rent, and that this particular property is under-market rent. I believe I can purchase this property using a typical BRRRR strategy (add value, raise rents, refinance), but I think there is significantly more value in buying and then slowly converting selling off the properties.

Would love to chat with anyone who has used this strategy before.  A few questions:

1) What type of loan would you use for this?  Is it a standard long-term loan?

2) How does the relationship with the bank change if you are selling pieces of the property over the long term (e.g., the asset used to back the loan is consistently changing)?

2a. Do you need to pay back portions of the loan each time there is a condo sale?  How is this determined?

2b. Do you pay back investors each time there is a condo sale?

Thanks!