MFH -> Condo Conversions

[Paul McDonald]

Hey BP, first time poster here, pretty new to REI and exploring some new strategies

One approach I am interested in learning more about is conversion of 2/3 unit MFH to Condos and selling them separately.  I see some activity in the local market (Boston metro-west/north area) so I know others are doing it.  With the pandemic going on, I'm seeing more rental inventory sitting on the market and some MFH for sale that look overpriced.

The aspect of this I am really curious about is not the purchase & remodel but more about the legal, zoning, and other administrative issues to look out for. Is setting up a HOA difficult/expensive/annoying for example? Once the units are sold is there any ongoing involvement that would be required? Those are the types of issues I'm unsure of. Anyone have a good resource or 'checklist' of things to look out for here? Appreciate your help. thanks!