Turning an apartment building into condos, is it difficult?

[Meghan McCallum]

Hey Investors,

I found a 20 unit building of 1b/1ba and efficiency (studio) units. It is right by a college and I was wondering if buying it, rehabbing it, and then splitting them all into their own condo wouldn't be super profitable...especially with how I hear more and more about parents buying properties near their kid's schools and renting them to their kid's friends instead of paying the crazy campus living expenses. 

How expensive and how long does the process take? I'm just trying to think outside of the box to in a way local investors already are not.