3 stories, 12 units, Gut reno....Advice??

[Joseph Wells]

Hi everyone, My business partner and I are currently prospecting a deal which will involve the gut renovation of a 9,000 sf building in upstate NY. It was formerly used for offices but has been vacant for a number of years. The current owner had an architectural study done, and he has plans drawn up (which we have seen) for the conversion to 12 apartments. The building is equipped with an elevator and a sprinkler system. The project will also include an asbestos abatement, for which the owner has a report. We are in the process of getting quotes from contractors and the asbestos abatement company, as well as securing financing. We would appreciate any advice from anyone who has tackled a similar project. Anything from getting quotes to financing to managing the project and filling the units. What should we be looking out for? What might we run into that we aren’t expecting? What troubles did you have? Thanks in advance! Joe