Condo/townhouse conversion help (Boston)

[Robert Zeuli]

I am in the works of buying a 2 family, side by side, built in 1985, separated utilities, separate driveways, private parking, private yards, condo conversion complete other than paperwork. Both units are in good condition and renting at market value for the condition. Some minor updates can be done to improve property value or rents. Scope of work between $10,000 to $20,000.

Comps say the property as-is value = $750,000. 

Comps say with the $20,000 put in both condos would sell for around $500,000

I can buy it for $700,000 have the work done for cost through my network and sell each condo without realtor commissions. (family business)

Questions?

All the property work required to have it made into condos is completed except for the paperwork. The homeowner didn't have the attorneys finish the legal side because his taxes would increase dramatically and its a rental for him. Makes senses I thought from his perspective. For this specific situation whats the costs I am looking at to make this 2 legal condos?

Since they are side by side must I form an association or can I make it two condos and each owner owns their side of the building? 

I am open to teaming up with someone who can bring the cash and willing to split the profit 50/50

Days to offer and days on market in Stoneham for multis and condos are under 20 days. Should move fast.