Apartment split into 6 four-plexes?

[Brandon Turner]

Hi Ya'll. I will very soon be closing on a 24 unit apartment complex in my town. I will be using Seller financing and like the deal a lot.

My realtor mentioned an idea to me and I thought I would bring it up on here, to see if anyone had any thoughts.

The apartment is actually 6 four-plexes surrounding a central parking lot. Ideally, I would like to separate these six 4-plexes into 6 individual quads, thus making the sale of them significantly easier and increasing the overall profit substantially. However, because the 6 units surround a parking lot, i don't believe I can separate them into separate parcels. So instead, my realtor suggested doing a "condo conversion" - BUT rather than converting the individual units into condos (which would probably never sell to homeowners in that neighborhood or town) I would use the same technique to turn each "4-plex" into its own "condo" to be separately sold to investors looking for a good investment. Make sense? There would need to be a HOA set up, who would manage the parking lot, property management, etc. In theory it seems like a great, complicated idea.

Has anyone heard of doing this? As I figure it, each 4-plex running at max efficiency should be worth $250,000. Thats $1,500,000 total in value. I am purchasing the property for $580,000. So the potential is HUGE if I can make it work. Any ideas? Anyone done something like this?

Thanks everyone.