Converting a Time Share building to regular apartments

[Enrique Vazquez]

Hello, I have a close relative with an issue on his time share. They bought it for all the wrong reasons and now are annoyed on all the fees they are paying. They have never used it. It is now a class C facility on a class B location. 

What's worse is that the management company regularly sends a P&L statement where they are in the red. They have been in the red for over 3 years. Many of the owners I've heard of don't care for this old time share, and appear to not pay their fees.

I'm thinking this is an opportunity to get cheap real estate and convert them to regular apartments. 

Has anyone done this before? Any tips? Issues to be careful of?